Total amount raised
$398.5 Millions
Latest funding date
Location
Rigetti Computing has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company specializes in quantum computing technology, offering advanced solutions like the Novera QPU.
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, founded in 2013 by Chad Rigetti, is a pioneering company in the quantum computing industry. Headquartered in Berkeley, California, with an additional location in Fremont, California, the company employs between 101 and 250 people.
Specializing in quantum computing technology, Rigetti designs and manufactures quantum-integrated circuits and develops software to integrate these systems into existing cloud infrastructure. Their flagship product, Forest, is the world’s first full-stack programming and execution environment for quantum/classical computing.
How Much Funding Has Rigetti Computing Raised?
- Round Name: Convertible Note
- Amount Raised: $250K
- Date: November 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial funding for early-stage development and operations.
- Round Name: Series A
- Amount Raised: $24M
- Date: January 2016
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand research and development capabilities and scale the team.
- Round Name: Series B
- Amount Raised: $40M
- Date: March 2017
- Lead Investors: Andreessen Horowitz, Vy Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of quantum computing technology and infrastructure.
- Round Name: Series B
- Amount Raised: $50M
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance quantum computing capabilities and market reach.
- Round Name: Series C
- Amount Raised: $79M
- Date: August 2020
- Lead Investors: Bessemer Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance hardware development and compete with industry leaders.
- Round Name: Post-IPO Equity
- Amount Raised: $100M
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and technological advancements.
- 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 fund specific research projects and innovations.
- 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 small business research and development initiatives.
- Round Name: Post-IPO Equity
- Amount Raised: $100M
- Date: November 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhancing product offerings.
Total Amount Raised: $472.25M
Current Valuation: Not publicly disclosed
Key Investors
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a leading venture capital firm that invests in early-stage companies. They have a long history of successful investments in various sectors.
- Investment Focus Areas: Technology, healthcare, financial services, consumer sectors
- Notable Investments: LinkedIn, Shopify, Pinterest, Twilio
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization. They manage a wide range of asset classes and have a significant presence in the investment community.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Not publicly disclosed
- Alumni Ventures Group
- Details: Alumni Ventures Group is a venture capital firm that invests in high-growth startups. They leverage alumni networks to identify and support promising companies.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: SpaceX, Palantir, Robinhood
- DCVC (Data Collective Venture Capital)
- Details: DCVC is a venture capital firm specializing in deep-tech and data-driven companies. They focus on transformative technologies that have the potential to make a significant impact.
- Investment Focus Areas: Deep-tech, data-driven science, technology
- Notable Investments: Planet Labs, Zymergen, Pivot Bio
- EDBI
- Details: EDBI is the corporate investment arm of the Singapore Economic Development Board. They make strategic investments to support Singapore's economic development.
- Investment Focus Areas: Technology, healthcare, growth sectors
- Notable Investments: Grab, Razer, Biofourmis
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 access to these systems over the cloud. The company’s recent $79 million Series C funding round, led by Bessemer Venture Partners, underscores the significant growth potential in fields like biology, chemistry, logistics, and material science.
Future fundraising opportunities appear promising as investors continue to show long-term interest in quantum computing. Rigetti's advancements in hardware and partnerships with major cloud service providers like AWS position it well for additional investment rounds. However, the company faces challenges such as achieving quantum advantage and competing with industry giants like Google and IBM.
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