dougfinke

By Dr David Shaw, GQI Chief Analyst This week Photonic Inc, a Vancouver-based quantum startup, has announced details of the new quantum architecture it has been developing in stealth for the last seven years. It also announced that it has closed its latest $100M funding round, most strikingly with Microsoft Corporation as a prominent new investor. Photonic Inc and Microsoft have also announced a strategic collaboration aimed both at bringing this new technology to Microsoft Quantum Azure Elements, and also for its wider exploitation as a quantum networking technology. Taken together, GQI views these as the most significant developments so far [...]

IonQ has announced its Q3 financial results and reported revenues of $6.1 million for the quarter. This represents an 11% increase over the Q2 revenues of $5.5 million and a 111% increase over the Q3 2022 revenues of $2.7.6 million. However, operating costs also continued to increase coming in at $48.3 million in Q3 versus $38.6 million in Q2. Adjusted EBITDA loss was $22.4 million this quarter versus $19.4 million in Q2. The company ended the quarter with $485.1 million in cash, cash equivalents, and investments. The company announced Q3 bookings of $26.3 million which appear to be primarily driven by [...]

Diagram of Photonic’s Scalable Quantum Technology Architecture. Credit: Photonic Inc. Photonic Inc. has raised $100 million USD to continue development of its unique silicon spin qubit architecture. The investors in this round include British Columbia Investment Management Corporation (BCI), Microsoft Corporation, the UK government’s National Security Strategic Investment Fund (NSSIF), Inovia Capital, and Amadeus Capital Partners bringing the total amount invested in the company so far to $140 million USD. Photonic currently has 120 employees and is headquartered in Vancouver, Washington with additional offices in the UK and the United States. The funds will be used by the company to continue [...]

As we have mentioned several times in these pages (see here and here), the National Quantum Initiative act, signed in 2018 expired on September 30, 2023. There has been much discussion on what a renewal of the bill should look like and now Frank Lucas (R-OK), Chairman, and Zoe Lofgren (D-CA), Ranking Member, of the House Science, Space, and Technology Committee have introduced a bipartisan first draft of the bill for consideration. The renewal bill continues on with many of the directions started in the original bill, but it also has several additions and changes too. Whereas the original bill was [...]

Rigetti Computing has appointed Thomas J. Iannotti as their new Chairman of the Board. He is also currently the Chairman of the Board of Directors at Applied Materials Inc. Mr. Iannotti has extensive experience in the computing industry and had served as the Senior Vice President and General Manager, Enterprise Services, at Hewlett-Packard Company before his retirements from that company. Earlier in his career, he had worked at Digital Equipment Corporation and Compaq Computer. Mr. Iannotti's predecessor, Cathy McCarthy, will continue to serve on the Rigetti Board of Directors. A press release announcing his appointment is available here. As part of [...]

Rigetti Computing announced that it was awarded an Innovate UK grant as part of the Feasibility Studies in Quantum Computing Applications competition. The grant will support a project to enhance quantum machine learning methods for money laundering detection, a critical method for identifying and preventing financial crime. Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, will collaborate with HSBC, the Quantum Software Lab (QSL) based at the University of Edinburgh, and the National Quantum Computing Centre (NQCC) in this project. The consortium aims to improve the performance of current-state-of-the-art machine learning algorithms by using quantum computing techniques. The project [...]

The Intelligence Advanced Projects Research Activity (IARPA) is a U.S. government agency that invests in high risk, high payoff research that can help to tackle some of the Intelligence Community's (IC) most difficult challenges. They launched an Entangled Logical Qubits (ELQ) project earlier this year as a four year program to fund projects which can demonstrate high-fidelity entanglement between two error-corrected logical qubits in a fully fault tolerant manner. The goal will be to first demonstrate the entanglement of two qubits to set the stage for using the same techniques for more qubits and larger systems for a full fault tolerant [...]