IonQ Secures $55M in Funding to Bring Quantum Computing from the Lab to the Enterprise

October 22, 2019

Oct. 22, 2019 — IonQ, the leader in universal quantum computing, today announced it has secured $55 million in a funding round led by the Samsung Catalyst Fund and Mubadala Capital. This round of funding brings IonQ’s total amount raised to $77 million. IonQ plans to use the funds announced today to make quantum computing more accessible to businesses and lower the barrier to entry for developers. The company plans on making its quantum computers commercially available via the cloud and developing next-generation systems for programming these machines.

IonQ’s trapped-ion approach offers the most promise for making reliable, scalable quantum computing a reality. Recently, the company built the largest programmable quantum computer to date, demonstrating performance benchmarks that no other quantum computer has been able to match.

“This investment round marks a key milestone in our effort to make quantum computing commercially viable,” said Peter Chapman, CEO of IonQ. “We are building a future where IonQ’s quantum computers will be available to developers in fields from finance to manufacturing to pharmaceuticals. We expect this to inspire a new generation of developers to build applications that will power the next wave of discovery.”

“Foundational and revolutionary technologies — like the transistor, the laser, or the mobile phone — take years to evolve into innovations that transform the way we live,” said Young Sohn, Corporate President and Chief Strategy Officer for Samsung Electronics and Chairman of the Board for HARMAN. “Though it’s still early days, we see a similar revolution taking place with quantum computing, which is why we’re excited to work alongside the IonQ team. Together, we can unlock the vast potential of this technology to address new opportunities in drug discovery, artificial intelligence, breakthrough materials, and many other areas that will have a profound impact on our way of life.”

“Mubadala Capital’s ventures strategy seeks transformative technologies with the promise of disrupting traditional industries,” said Alaa Halawa from Mubadala Capital. “As we have developed our understanding of the opportunity and challenges of the technology, we came to believe that trapped ions have the highest potential to deliver on the promise of a scalable general-purpose quantum computer. 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.”

“We view quantum computing as an exciting opportunity to address advanced scientific applications at scale,” said Paul Glaser, head of Hewlett Packard Pathfinder. “IonQ provides industry-leading qubit technology and complements our current architectural direction for Memory-Driven Computing as a service.”

Quantum technology has excited investors because it is particularly well-suited to solve optimization problems — from helping identify the best delivery routes for shipping companies to helping hardware designers produce more energy-efficient materials and batteries. By 2023, 20% of organizations intend to budget for quantum-computing projects, compared to less than 1% in 2018. This rapid growth reflects a growing awareness that quantum computing will transform the way enterprises do business.

Additional investors that participated in this funding round included ACME Capital, Airbus Ventures, Hewlett Packard Pathfinder, Tao Capital Partners, Correlation Ventures and A&E Investment LLC, as well as previous investors Osage University Partners (OUP), New Enterprise Associates (NEA), GV and Amazon.

About Samsung Catalyst Fund
The Samsung Catalyst Fund is Samsung Electronics’ evergreen multi-stage venture capital fund that invests in the new data economy and strategic ideas for Samsung’s mobile, device solutions and consumer electronics groups. Investment spans across Automotive, Robotics, Digital Health, Internet of Things, Artificial Intelligence, Cloud Infrastructure, and Device-Level Solutions. Through Samsung Catalyst Fund, entrepreneurs are enabled by Samsung’s global brand, manufacturing and distribution, domain expertise, recruiting network, and world-class Innovation Fellows for advice and mentorship.

About Mubadala Capital
Mubadala Capital was established in 2011 as the financial investment arm of Mubadala, operating six integrated businesses focused on various asset classes and geographies that include private equity, public equities, credit, venture, sovereign investment partnerships and Brazil. The group invests globally across the capital structure in both public and private securities, whether directly or through third-party managed funds.


Source: IonQ

Subscribe to HPCwire's Weekly Update!

Be the most informed person in the room! Stay ahead of the tech trends with industy updates delivered to you every week!

Supercomputer Modeling Shows How COVID-19 Spreads Through Populations

May 30, 2020

As many states begin to loosen the lockdowns and stay-at-home orders that have forced most Americans inside for the past two months, researchers are poring over the data, looking for signs of the dreaded second peak of t Read more…

By Oliver Peckham

SODALITE: Towards Automated Optimization of HPC Application Deployment

May 29, 2020

Developing and deploying applications across heterogeneous infrastructures like HPC or Cloud with diverse hardware is a complex problem. Enabling developers to describe the application deployment and optimising runtime p Read more…

By the SODALITE Team

What’s New in HPC Research: Astronomy, Weather, Security & More

May 29, 2020

In this bimonthly feature, HPCwire highlights newly published research in the high-performance computing community and related domains. From parallel programming to exascale to quantum computing, the details are here. Read more…

By Oliver Peckham

DARPA Looks to Automate Secure Silicon Designs

May 28, 2020

The U.S. military is ramping up efforts to secure semiconductors and its electronics supply chain by embedding defenses during the chip design phase. The automation effort also addresses the high cost and complexity of s Read more…

By George Leopold

COVID-19 HPC Consortium Expands to Europe, Reports on Research Projects

May 28, 2020

The COVID-19 HPC Consortium, a public-private effort delivering free access to HPC processing for scientists pursuing coronavirus research – some utilizing AI-based techniques – has expanded to more than 56 research Read more…

By Doug Black

AWS Solution Channel

Computational Fluid Dynamics on AWS

Over the past 30 years Computational Fluid Dynamics (CFD) has grown to become a key part of many engineering design processes. From aircraft design to modelling the blood flow in our bodies, the ability to understand the behaviour of fluids has enabled countless innovations and improved the time to market for many products. Read more…

What’s New in Computing vs. COVID-19: IceCube, TACC, Watson & More

May 28, 2020

Supercomputing, big data and artificial intelligence are crucial tools in the fight against the coronavirus pandemic. Around the world, researchers, corporations and governments are urgently devoting their computing reso Read more…

By Oliver Peckham

COVID-19 HPC Consortium Expands to Europe, Reports on Research Projects

May 28, 2020

The COVID-19 HPC Consortium, a public-private effort delivering free access to HPC processing for scientists pursuing coronavirus research – some utilizing AI Read more…

By Doug Black

$100B Plan Submitted for Massive Remake and Expansion of NSF

May 27, 2020

Legislation to reshape, expand - and rename - the National Science Foundation has been submitted in both the U.S. House and Senate. The proposal, which seems to Read more…

By John Russell

IBM Boosts Deep Learning Accuracy on Memristive Chips

May 27, 2020

IBM researchers have taken another step towards making in-memory computing based on phase change (PCM) memory devices a reality. Papers in Nature and Frontiers Read more…

By John Russell

Hats Over Hearts: Remembering Rich Brueckner

May 26, 2020

HPCwire and all of the Tabor Communications family are saddened by last week’s passing of Rich Brueckner. He was the ever-optimistic man in the Red Hat presiding over the InsideHPC media portfolio for the past decade and a constant presence at HPC’s most important events. Read more…

Nvidia Q1 Earnings Top Expectations, Datacenter Revenue Breaks $1B

May 22, 2020

Nvidia’s seemingly endless roll continued in the first quarter with the company announcing blockbuster earnings that exceeded Wall Street expectations. Nvidia Read more…

By Doug Black

Microsoft’s Massive AI Supercomputer on Azure: 285k CPU Cores, 10k GPUs

May 20, 2020

Microsoft has unveiled a supercomputing monster – among the world’s five most powerful, according to the company – aimed at what is known in scientific an Read more…

By Doug Black

HPC in Life Sciences 2020 Part 1: Rise of AMD, Data Management’s Wild West, More 

May 20, 2020

Given the disruption caused by the COVID-19 pandemic and the massive enlistment of major HPC resources to fight the pandemic, it is especially appropriate to re Read more…

By John Russell

AMD Epyc Rome Picked for New Nvidia DGX, but HGX Preserves Intel Option

May 19, 2020

AMD continues to make inroads into the datacenter with its second-generation Epyc "Rome" processor, which last week scored a win with Nvidia's announcement that Read more…

By Tiffany Trader

Supercomputer Modeling Tests How COVID-19 Spreads in Grocery Stores

April 8, 2020

In the COVID-19 era, many people are treating simple activities like getting gas or groceries with caution as they try to heed social distancing mandates and protect their own health. Still, significant uncertainty surrounds the relative risk of different activities, and conflicting information is prevalent. A team of Finnish researchers set out to address some of these uncertainties by... Read more…

By Oliver Peckham

[email protected] Turns Its Massive Crowdsourced Computer Network Against COVID-19

March 16, 2020

For gamers, fighting against a global crisis is usually pure fantasy – but now, it’s looking more like a reality. As supercomputers around the world spin up Read more…

By Oliver Peckham

[email protected] Rallies a Legion of Computers Against the Coronavirus

March 24, 2020

Last week, we highlighted [email protected], a massive, crowdsourced computer network that has turned its resources against the coronavirus pandemic sweeping the globe – but [email protected] isn’t the only game in town. The internet is buzzing with crowdsourced computing... Read more…

By Oliver Peckham

Global Supercomputing Is Mobilizing Against COVID-19

March 12, 2020

Tech has been taking some heavy losses from the coronavirus pandemic. Global supply chains have been disrupted, virtually every major tech conference taking place over the next few months has been canceled... Read more…

By Oliver Peckham

Supercomputer Simulations Reveal the Fate of the Neanderthals

May 25, 2020

For hundreds of thousands of years, neanderthals roamed the planet, eventually (almost 50,000 years ago) giving way to homo sapiens, which quickly became the do Read more…

By Oliver Peckham

DoE Expands on Role of COVID-19 Supercomputing Consortium

March 25, 2020

After announcing the launch of the COVID-19 High Performance Computing Consortium on Sunday, the Department of Energy yesterday provided more details on its sco Read more…

By John Russell

Steve Scott Lays Out HPE-Cray Blended Product Roadmap

March 11, 2020

Last week, the day before the El Capitan processor disclosures were made at HPE's new headquarters in San Jose, Steve Scott (CTO for HPC & AI at HPE, and former Cray CTO) was on-hand at the Rice Oil & Gas HPC conference in Houston. He was there to discuss the HPE-Cray transition and blended roadmap, as well as his favorite topic, Cray's eighth-gen networking technology, Slingshot. Read more…

By Tiffany Trader

Honeywell’s Big Bet on Trapped Ion Quantum Computing

April 7, 2020

Honeywell doesn’t spring to mind when thinking of quantum computing pioneers, but a decade ago the high-tech conglomerate better known for its control systems waded deliberately into the then calmer quantum computing (QC) waters. Fast forward to March when Honeywell announced plans to introduce an ion trap-based quantum computer whose ‘performance’ would... Read more…

By John Russell

Leading Solution Providers

SC 2019 Virtual Booth Video Tour

AMD
AMD
ASROCK RACK
ASROCK RACK
AWS
AWS
CEJN
CJEN
CRAY
CRAY
DDN
DDN
DELL EMC
DELL EMC
IBM
IBM
MELLANOX
MELLANOX
ONE STOP SYSTEMS
ONE STOP SYSTEMS
PANASAS
PANASAS
SIX NINES IT
SIX NINES IT
VERNE GLOBAL
VERNE GLOBAL
WEKAIO
WEKAIO

Contributors

Fujitsu A64FX Supercomputer to Be Deployed at Nagoya University This Summer

February 3, 2020

Japanese tech giant Fujitsu announced today that it will supply Nagoya University Information Technology Center with the first commercial supercomputer powered Read more…

By Tiffany Trader

Tech Conferences Are Being Canceled Due to Coronavirus

March 3, 2020

Several conferences scheduled to take place in the coming weeks, including Nvidia’s GPU Technology Conference (GTC) and the Strata Data + AI conference, have Read more…

By Alex Woodie

Exascale Watch: El Capitan Will Use AMD CPUs & GPUs to Reach 2 Exaflops

March 4, 2020

HPE and its collaborators reported today that El Capitan, the forthcoming exascale supercomputer to be sited at Lawrence Livermore National Laboratory and serve Read more…

By John Russell

Cray to Provide NOAA with Two AMD-Powered Supercomputers

February 24, 2020

The United States’ National Oceanic and Atmospheric Administration (NOAA) last week announced plans for a major refresh of its operational weather forecasting supercomputers, part of a 10-year, $505.2 million program, which will secure two HPE-Cray systems for NOAA’s National Weather Service to be fielded later this year and put into production in early 2022. Read more…

By Tiffany Trader

‘Billion Molecules Against COVID-19’ Challenge to Launch with Massive Supercomputing Support

April 22, 2020

Around the world, supercomputing centers have spun up and opened their doors for COVID-19 research in what may be the most unified supercomputing effort in hist Read more…

By Oliver Peckham

Summit Supercomputer is Already Making its Mark on Science

September 20, 2018

Summit, now the fastest supercomputer in the world, is quickly making its mark in science – five of the six finalists just announced for the prestigious 2018 Read more…

By John Russell

15 Slides on Programming Aurora and Exascale Systems

May 7, 2020

Sometime in 2021, Aurora, the first planned U.S. exascale system, is scheduled to be fired up at Argonne National Laboratory. Cray (now HPE) and Intel are the k Read more…

By John Russell

TACC Supercomputers Run Simulations Illuminating COVID-19, DNA Replication

March 19, 2020

As supercomputers around the world spin up to combat the coronavirus, the Texas Advanced Computing Center (TACC) is announcing results that may help to illumina Read more…

By Staff report

  • arrow
  • Click Here for More Headlines
  • arrow
Do NOT follow this link or you will be banned from the site!
Share This