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 in proceeds, including over $100 million 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 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. - Reuters