Total amount raised
$398.5 Million
Latest funding date
11/01/2024
Location
Rigetti Computing has successfully raised funding through 15 rounds, with recent investments from Quanta Computer and the Small Business Research Initiative. The company specializes in building and deploying full-stack quantum systems with superconducting qubits.
Keep reading to explore the intricacies of Rigetti Computing's fundraising journey and the investors backing this innovative platform.
What Is Rigetti Computing?
Rigetti Computing, based in Berkeley and Fremont, California, is a pioneering company in the quantum computing industry. They specialize in building and deploying full-stack quantum systems with superconducting qubits. The company is public and listed under the ticker NASDAQ:RGTI.
Founded by Chad Rigetti, the company has grown to employ between 101 and 250 people. Rigetti Computing is involved in various sectors, including AI Infrastructure, Artificial Intelligence, Big Data, Hardware, Quantum Computing, Semiconductor, and Software. Their 9-qubit Quantum Processing Unit (QPU), Novera, is a testament to their advanced technological capabilities.
How Much Funding Has Rigetti Computing Raised?
- Round Name: Series B
- Amount Raised: USD 40,000,000
- Date: March 2017
- Lead Investors: Andreessen Horowitz, Vy Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their quantum computing capabilities and accelerate research and development.
- Round Name: Series B
- Amount Raised: USD 50,000,000
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their quantum computing technology and scale their operations.
- Round Name: Series C
- Amount Raised: USD 79,000,000
- Date: August 2020
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate business growth and bring the company closer to delivering quantum advantage to the market.
- Round Name: Post-IPO Equity
- Amount Raised: USD 100,000,000
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their quantum computing capabilities and scale their operations.
- Round Name: Secondary Market
- Amount Raised: Not publicly disclosed
- Date: April 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Round Name: Grant
- Amount Raised: Not publicly disclosed
- Date: January 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development in quantum technologies.
- Round Name: Grant
- Amount Raised: Not publicly disclosed
- Date: February 2024
- Lead Investors: Small Business Research Initiative
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development in quantum technologies.
- Round Name: Post-IPO Equity
- Amount Raised: USD 100,000,000
- Date: November 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their quantum computing capabilities and scale their operations.
- Round Name: Post-IPO Equity
- Amount Raised: USD 35,000,000
- Date: April 2025
- Lead Investors: Quanta Computer
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their quantum computing technology and scale their operations.
- Round Name: Post-IPO Equity
- Amount Raised: USD 350,000,000
- Date: June 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To significantly expand their quantum computing capabilities and scale their operations.
Total Amount Raised: USD 854,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Quanta Computer
- Details: Quanta Computer is a major Taiwanese manufacturer of notebook computers and other electronic hardware. They are a key player in the global electronics manufacturing services industry.
- Investment Focus Areas: Consumer electronics, cloud computing, data centers
- Notable Investments: Apple, Dell, Hewlett-Packard
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a leading venture capital firm that invests in early-stage companies across various sectors. They have a strong focus on deep-tech investments.
- Investment Focus Areas: Cloud computing, consumer, healthcare, enterprise technology
- Notable Investments: LinkedIn, Shopify, Pinterest
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm based in Silicon Valley. They are known for their investments in technology companies at various stages of development.
- Investment Focus Areas: Software, consumer internet, enterprise IT, biotechnology
- Notable Investments: Facebook, Airbnb, Slack
- Vy Capital
- Details: Vy Capital is a global technology investment firm that focuses on long-term investments in technology companies. They have a significant presence in the venture capital space.
- Investment Focus Areas: Technology, internet, software
- Notable Investments: Reddit, Zocdoc, TransferWise
- Small Business Research Initiative
- Details: The Small Business Research Initiative (SBRI) is a UK government program that provides funding for innovative solutions to public sector challenges. They support small and medium-sized enterprises (SMEs).
- Investment Focus Areas: Healthcare, technology, public sector innovation
- Notable Investments: Various SMEs in healthcare and technology sectors
What's Next for Rigetti Computing?
Rigetti Computing stands at the forefront of a burgeoning quantum computing industry, with opportunities to build scalable, error-corrected quantum computers and provide high-performance cloud access. The company's recent $79 million Series C funding round underscores the significant investor confidence and the vast potential for advancements in fields like biology, chemistry, and logistics.
Future fundraising opportunities appear promising, given the growing momentum in the quantum computing sector and Rigetti's strategic partnerships with major cloud providers. However, the company faces challenges such as achieving quantum advantage and competing with industry giants like Google and IBM. Maintaining investor confidence and securing continuous funding will be crucial as Rigetti navigates these hurdles.
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