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24 October 2019
BUSINESS

US-based IonQ secures $55 million from Samsung and Mubadala

IonQ will use the facility to make quantum computing more accessible to businesses and developers.

ABU DHABI/BLOOMBERG


US-based quantum computing firm, IonQ, has secured a $55 million financing facility in a funding round led Samsung Catalyst Fund and Abu Dhabi’s Mubadala Capital.

IonQ stated that this round of funding brings the firm’s total amount raised to $77 million and the company plans on making its quantum computers commercially available via the cloud and developing next-generation systems for programming these machines.

Peter Chapman, the CEO of IonQ, said, “This investment round marks a key milestone in our effort to make quantum computing commercially viable.”

Quantum computing is a technology that can perform complex calculations in fractions of a second and solve mathematical and technical problems that would take traditional computers tens of hundreds of years.

Additionally, Quantum technology is well-suited to solve optimization problems—from identifying the best delivery routes for shipping companies to helping hardware designers produce more energy-efficient materials and batteries.

“While we are in the early innings of this industry, we believe that the groundbreaking work of the IonQ team will position the company as the leader in developing commercially viable quantum computers in the near-term and beyond,” said Alaa Halawa from Mubadala Capital.

The other investors that participated in this funding round included ACME Capital, Airbus Ventures as well as Hewlett Packard Pathfinder, Tao Capital Partners and Correlation Ventures and A&E Investment.


RELATED STORIES: QUANTUM COMPUTING IONQ SAMSUNG CATALYST FUND MUBADALA CAPITAL


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