IonQ optimises $55m

IonQ, a UK-based quantum computing technology developer exploiting University of Maryland and Duke University research, procured $55m in funding yesterday from a consortium that included spinout-focused investment firm Osage University Partners (OUP).
Consumer electronics producer Samsung and Abu Dhabi’s sovereign wealth fund Mubadala Investment co-led the round through the Catalyst Fund and Mubadala Capital, respectively.
Hewlett Packard Pathfinder, a subsidiary of computing company Hewlett Packard Enterprise, and e-commerce and cloud computing group Amazon also participated, as did GV and Airbus Ventures, respective corporate venturing subsidiaries of internet and technology conglomerate Alphabet and aerospace firm Airbus.
The round was filled out by Acme Capital, Tao Capital Partners, Correlation Ventures and A&E Investment and New Enterprise Associates (NEA).
Founded in 2015, IonQ is developing a general-purpose quantum computer using trapped ion technology – where sole ions are cooled and isolated by lasers – as the basis for quantum information bits that execute queries with manifold potential solutions.
IonQ’s cloud-based platform is expected to execute quantum applications across a range of industries, marrying optimisation algorithms with dependable hardware and optical network components.
The spinout was co-founded by Jungsang Kim, professor in Duke University’s Electrical and Computer Engineering department, and Christopher Monroe of the Joint Quantum Institute, a partnership between University of Maryland and US government research agency National Institute of Standards and Technology.
IonQ will use the capital to take forward its plans to make quantum computing more accessible to software developers and enterprises.
NEA and GV previously co-led a $20m series B round in 2017 with the backing of undisclosed strategic investors, adding to $2m invested by NEA the previous year.
OUP and Amazon backed the latest round as existing investors, though full details of their involvement have not been disclosed.
Peter Chapman, chief executive of IonQ, said: “This investment round marks a key milestone in our effort to make quantum computing commercially viable.
“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.”