Atom Computing raises $300M to advance quantum computing
The US-based company plans to accelerate the development and deployment of commercial-scale fault-tolerant quantum computers. Atom Computing recently announced a full demonstration of quantum error correction on its quantum computers.
US-based company Atom Computing has announced it has raised a total funding of more than USD 300 million to accelerate the development and deployment of commercial-scale fault-tolerant quantum computers.
The total includes a USD 100 million Series C investment round and a signed Letter of Intent with the US Department of Commerce for USD 100 million. The Series C round was led by Third Point Ventures, with participation from DCVC, Cisco Investments, and others, Atom Computing said.
The company recently announced a full demonstration of quantum error correction on its quantum computers. In 2023, it surpassed the 1,000-qubit threshold for a universal gate-based system.
The company is currently performing in Stage B of the Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking Initiative (QBI) to explore paths to utility-scale quantum systems while also installing a commercial quantum computer with logical qubits in partnership with Microsoft.
“Quantum computing is entering a new phase where technical breakthroughs are translating into real-world systems and global adoption, fueled by our neutral-atom technology,” said Dr. Ben Bloom, CEO and Founder of Atom Computing. “We have strong momentum, and we are accelerating the development of utility-scale quantum computers and expanding access to our technology for customers solving some of the world’s most complex computational challenges.”
Atom Computing is using its recent funding for scaling next-generation quantum computers with higher qubit counts and improved fidelity; advancing the software, control systems, and error correction capabilities necessary for logical qubit operations; expanding global deployments, and growing the company’s engineering, research, and go-to-market teams, the company said.
“Third Point Ventures has backed Atom Computing since their Series B, and leading this Series C reflects our deepening conviction in both the team and the technology,” said Curtis McKee, Partner at Third Point Ventures. “Neutral-atom quantum computing is one of the most credible paths to fault-tolerant systems at scale, and we believe commercial breakthroughs — in cybersecurity, defense, drug discovery, and financial modeling — are closer than the market appreciates. Atom Computing will be at the center of that moment.”