IonQ Raises $55 Million for Quantum Computing

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IonQ, which specializes in universal quantum computing, announced it completed a $55 million venture funding round, led by Samsung Catalyst Fund and Mubadala Capital.

In addition to Samsung and Mubadala, ACME Capital, Airbus Ventures, Hewlett Packard Pathfinder, Tao Capital Partners, CV, New Enterprise Associates, Correlation Ventures, A&E Investment LLC, Osage University Partners, GV and Amazon.

This round, its second in two years, brings its total funding to $77 million. InoQ plans to use this new funding to make quantum computing more accessible to businesses and make it easier for more developers to use it. InoQ plans to make its computers commercially available via the cloud and add next-generation systems to program the computers.

“This investment round marks a key milestone in our effort to make quantum computing commercially viable,” said Peter Chapman, CEO of IonQ, in a press statement. “We are building a future where IonQ’s quantum computers will be available to developers in fields from finance to manufacturing to pharmaceuticals. We expect this to inspire a new generation of developers to build applications that will power the next wave of discovery.”

InoQ believes quantum tech has attracted investors because it is particularly well-suited to solve optimization problems, including identifying the best delivery routes for shipping companies and helping hardware designers produce more energy-efficient batteries. By 2023, 20% of companies plan to use quantum-computing projects, up from 1% in 2018.