Alice&Bob Secures $104M to Make Quantum Computing a Reality by 2030

Quantum computing is like the ultimate tech goal—it could supercharge computing power, but it’s been a tough nut to crack. The big challenge? Error rates that make scaling nearly impossible. Now, a Paris-based startup, Alice&Bob, is stepping up to the plate with a massive funding boost to tackle the problem head-on.

The company just pocketed €100 million ($104 million) in a Series B funding round. This cash injection will help Alice&Bob push forward with its mission to build a “fault-tolerant” quantum computer. Their secret weapon? A concept called cat qubits, which they’ve been perfecting for years. The startup is confident it can deliver a functional quantum computer by 2030.

Alice&Bob’s approach is all about accepting some errors while fixing others, a strategy they believe will make quantum computing more practical. As CEO Théau Peronnin puts it, “From the get-go, we had a clear vision: fault tolerance is the key. Now, the whole industry is catching up.”

The need for more computing power has never been greater. With projects like the $500 billion Stargate AI data center in the U.S. and the surge in demand for high-performance chips, it’s clear that traditional computing is hitting its limits. Peronnin believes quantum computing could be the game changer we need, offering unmatched efficiency over even the most advanced processors.

This funding round was co-led by Future French Champions (FFC), AVP (AXA Venture Partners), and Bpifrance—all of whom had backed Alice&Bob’s earlier $30 million Series A in 2022. While the startup isn’t sharing its exact valuation, sources suggest it’s in the ballpark of $300-$400 million, putting it on par with other quantum leaders like Riverlane.

Alice&Bob isn’t alone in this race. Recent months have seen major investments in quantum tech, including $75 million for Riverlane, $30 million for SEEQC, and $100 million for Quantum Machines. Not to mention Quantinuum’s massive $300 million raise last year, which pushed its valuation to $5 billion.

The company’s name, “Alice&Bob,” is a nod to the fictional characters often used in thought experiments about cryptography and quantum physics. Their “cat qubit” design, inspired by Schrödinger’s famous cat paradox, aims to correct errors directly at the hardware level. Peronnin explains, “This drastically simplifies the whole machine, making it more scalable.”

Investors are optimistic. François Robinet of AVP says, “The R&D phase is over—now it’s about turning quantum into a commercial reality.” With Alice&Bob’s innovative approach, the quantum race is heating up—and the finish line might be closer than we think.


Alice&Bob Secures $104M to Make Quantum Computing a Reality by 2030
https://www.99newz.com/posts/alice-bob-quantum-computing-funding-2940
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99newz.com
Published at
2024-09-20
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CC BY-NC-SA 4.0