Atom Computing Raises $60M Series B to Build Second-Generation Quantum Computing Systems

BERKELEY, Calif., Jan. 20, 2022 /PRNewswire/ -- Atom Computing, the creators of the first quantum computer made of nuclear-spin qubits from optically-trapped neutral atoms, today announced closure of a $60M Series B round. Third Point Ventures led the round, followed by Prime Movers Lab and insiders including Innovation Endeavors, Venrock and Prelude Ventures. Following the completion of their first 100-qubit quantum computing system with world-record 40 second coherence times, Atom Computing will use this new investment to build their second-generation quantum computing systems and commercialize the technology.

"Atom Computing designed and built our first-generation machine, Phoenix, in less than two years and our team was the fastest to deliver a 100-qubit system," said Rob Hays, CEO and President, Atom Computing. "We gained valuable learnings from the system and have proven the technology. The investment announced today accelerates the commercialization opportunities and we look forward to bringing this to market."

With this new level of investment, the company will turn its focus to developing much larger systems that are required to run commercial use-cases with paradigm-shifting compute performance.

"We've seen a tremendous amount of investor interest in what many are starting to believe is a more promising way to scale quantum computers – neutral atoms. Our technology advancements and this investment gives us the runway to continue our focus on delivering the most scalable and reliable quantum computers," added Hays.

Curtis McKee, Partner at Third Point Ventures, will join the Board of Directors. Curtis brings a wealth of IT, security, and business development expertise to the company.

"Atom Computing's design approach with neutral atoms is notably differentiated and has breakout potential to leapfrog competitors in the quantum race," said Curtis McKee, Partner at Third Point Ventures. "They bring together a unique combination of best-in-class executive and quantum engineering teams. We look forward to partnering with them as they lead the next era of computing."

"Quantum computing will impact billions of lives, revolutionizing everything from drug discovery and financial modeling, to predicting climate change and the development of new, life-changing materials," said Gaetano Crupi, Partner at Prime Movers Lab. "We have been tracking this technology closely and believe we have found the right team and approach to scalable quantum computers with Atom Computing."

To learn more about Atom Computing visit: https://atom-computing.com.

ABOUT ATOM COMPUTING
At Atom Computing, we're our customers' biggest fans on the journey of discovery. We're obsessed with creating the world's most scalable and reliable quantum computers—so companies and researchers have the computing power they need for life-changing breakthroughs. Through using nuclear-spin qubits formed from neutral atoms, we're on the fastest and easiest path to making quantum real. Learn more at atom-computing.com, and follow our journey on LinkedIn, Twitter, Facebook.

ABOUT THIRD POINT
Since 2000, Third Point Ventures, the venture capital arm of the asset manager Third Point LLC, has pursued opportunities in multistage investments in private companies with exceptional management teams, sustainable technical advantages, optimal timing, and in opportunities where risk/reward are in balance based on disciplined selection, structure, and entry valuation.  We bring deep technical expertise, a strong network of relationships, extensive go-to-market experience, and insights from our decades of global public markets investing to add value to our partners throughout their journey from idea to IPO and beyond. Information about Third Point Ventures and our investments may be found at https://www.thirdpointventures.com/.  

ABOUT PRIME MOVERS LAB
Prime Movers Lab invests in breakthrough scientific startups founded by Prime Movers, the inventors who transform billions of lives. We invest in companies reinventing energy, transportation, infrastructure, manufacturing, agriculture and human augmentation. Portfolio investments span in-space transportation, industrial solar heat, ag tech, brain upgrades, nano-structured materials, wafer slicing, prosthetics, 3D printing, mobility, longevity and AI. For more information, please visit https://www.primemoverslab.com.

Ashley Kusowski
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SOURCE Atom Computing