BERKELEY, Calif. and WASHINGTON, July 11, 2019 /PRNewswire/ -- Rigetti Computing, a leading quantum startup and pioneer in hybrid quantum-classical computing systems, has acquired QxBranch, a quantum computing and data analytics software startup. The acquisition builds on Rigetti's full-stack strategy and expands the company's ability to deliver quantum algorithms, solutions, and services.
"Our mission is to deliver the power of quantum computing to our customers and help them solve difficult and valuable problems," said Chad Rigetti, founder and C.E.O. of Rigetti Computing. "We believe we have the leading hardware platform, and QxBranch is the leader at the application layer. Together we can shorten the timeline to quantum advantage and open up new opportunities for our customers."
The QxBranch team will focus on building software development tools and applications and work with customers to implement specialized quantum algorithms. Michael Brett, C.E.O. of QxBranch, will join Rigetti as Senior Vice President of Applications. The QxBranch team will join Rigetti in a range of software engineering and application and business development roles.
"QxBranch is thrilled to join our colleagues at Rigetti and accelerate our work together. Since founding the company five years ago, we have worked hard to introduce our data analytics customers to the emerging potential of quantum computing and now we can offer even more with a combined hardware and software solution," said Brett.
The acquisition gives Rigetti a global presence and strong focus on client delivery. QxBranch employs an international team of software engineers and data scientists and operates in Washington, D.C., the United Kingdom, and Australia.
The deal was an all-equity transaction. QxBranch's interest in Envelop Risk Analytics was not included in the acquisition. Additionally, Dr. Ray O. Johnson, former Chief Technology Officer of Lockheed Martin and current Chair of the Board at QxBranch, will join Rigetti's board as an independent director.
"Over the past five years, QxBranch has established itself as a leader in the identification and development of applications for quantum computing technologies. Joining Rigetti's team of talented engineers and scientists will reinforce and accelerate our efforts to create solutions for complex business problems that will leverage ongoing quantum computing developments. We are thrilled to help make a great Rigetti team even stronger, as we continue our quantum computing efforts," said Dr. Johnson.
About Rigetti Computing
Rigetti Computing develops and delivers integrated quantum and classical computing capabilities over the cloud. The company's flagship product, Quantum Cloud Services, provides dedicated access to quantum hardware and a development environment tailored for practical applications. Rigetti was founded in 2013 and is based in Berkeley and Fremont, California.
Founded in 2014, the QxBranch team develops algorithms and software for quantum and classical computers, focused on predictive analytics, forecasting, and optimization. The company develops solutions for industry-leading organizations facing difficult business analytics challenges in domains including finance, insurance, pharmaceuticals, media, and energy. Headquartered in Washington, D.C., QxBranch has offices in Adelaide, Australia, and London, UK.