August 9, 2022
Quantum computer maker Rigetti to be made public through .5 billion SPAC deal

Quantum computer maker Rigetti on Wednesday said it would go public through a merger with a blank-check firm, potentially valuing the combined company at $1.5 billion (about Rs 11,240 crore).

It is the second quantum computer hardware maker to go public this year using a blank-check, 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 goes public.

Rigetti said the merger with Zillow’s co-founder Spencer Raskoff-backed Supernova Partners acquisition company would bring it about $458 million (about Rs 3,431 crore), including $100 million (about Rs 749 crore) in investments from the fund. Are included. Accounts advised by some strategic partners, including T. Rowe Price Associates, Bessemer Venture Partners, Franklin Templeton, venture capital firm In-Q-Tel — backed by the Central Intelligence Agency — and Palantir Technologies.

Rigetti’s last funding came in February last year, when it raised $79 million (about Rs 592 crore) in a round 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 increasing the power of artificial intelligence to perform tasks such as mapping complex molecular structures and chemical reactions. can do.

While there is some debate about whether quantum computers will be able to solve real-world problems, many companies are devoting resources to making sure 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 are also investing in computing technology of the future.

© Thomson Reuters 2021

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