Quantum Computer Maker Rigetti to Go Public Via Spac For A Deal Of 1.5 Billion $

-

Quantum computer maker Rigetti said on Wednesday it will go public through a merger with a blank-cheque firm in a deal that potentially values the combined company at $1.5 billion (roughly Rs. 11,240 crores).

This is the second quantum computer hardware maker to announce going public this year using a blank-cheque, or special purpose acquisition company (SPAC). Maryland-based IonQ listed on the New York Stock Exchange on Friday. SPACs are shell companies that raise funds through an initial public offering to acquire a private company, which then becomes public as a result.

Rigetti said the merger with Zillow co-founder Spencer Rascoff-backed Supernova Partners Acquisition Company will provide it with about $458 million (roughly Rs. 3,431 crores) in proceeds, including over $100 million (roughly Rs. 749 crores) in investments from funds and accounts advised by T. Rowe Price Associates, Bessemer Venture Partners, Franklin Templeton, venture capital firm In-Q-Tel — backed by the Central Intelligence Agency — and some strategic partners including Palantir Technologies.

Rigetti’s last funding was February last year when it raised $79 million (roughly Rs. 592 crores) in a round that was led by Silicon Valley venture capital firm Bessemer. Andreessen Horowitz, Lux Capital, Sutter Hill Ventures and DCVC are also early investors in the Berkeley, California-based quantum computing firm.

Researchers believe quantum computers could operate millions of times faster than today’s advanced supercomputers, potentially making possible tasks such as mapping complex molecular structures and chemical reactions to boosting the power of artificial intelligence.

While there is some debate about when quantum computers will be able to crack real-world problems, many companies are dedicating resources to ensure they are ready and investors have been flocking to quantum computing hardware and software startups. Big tech companies like Alphabet, International Business Machines, Honeywell, Microsoft and Amazon have also been investing in the future computing technology.

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Latest news

LG Ultra PC 14-Inch, 16-Inch Laptops With AMD Ryzen 5000 Series Processors Launched

The laptops of the LG Ultra PC series include anti-glare IPS panels with minimal bezels. Last week, LG introduced 14-inch...

Samsung Galaxy A23 5G With 6.6-Inch Infinity-V Display, 5,000mAh Battery Launched

Table of ContentsSamsung Galaxy A23 5G price, availability (expected)Samsung Galaxy A23 5G specifications Samsung has not yet revealed the Galaxy...

LG Ultra Tab With 10.35-Inch Display, Snapdragon 680 SoC Launched

Table of ContentsLG Ultra Tab priceLG Ultra Tab specifications The 7,040mAh battery in the LG Ultra Tab supports 25W rapid...

OnePlus 10T Glacier Mat Case With Sustainable Circulation Cooling, Bumper Case Sandstone Launched In India

Table of ContentsOnePlus 10T Glacier Mat Case, Bumper Case Sandstone, Tempered Glass price in India A tempered glass for the...

Latest Updates

Must read

You might also likeRELATED
Recommended to you

0
Would love your thoughts, please comment.x
()
x