Rigetti Computing

Rigetti Computing, Inc. is a Berkeley, California-based developer of quantum integrated circuits used for quantum computers. The company also develops a cloud platform called Forest that enables programmers to write quantum algorithms.[2]

Rigetti Computing, Inc.
TypePublic
Nasdaq: RGTI
IndustryQuantum computing
Founded2013 Edit this on Wikidata
FounderChad Rigetti
HeadquartersBerkeley, California, United States
Key people
Subodh Kulkarni (CEO)
ProductsQuantum integrated circuits
Forest quantum computing software
RevenueUS$13 million (2022)
Number of employees
144 (2023)
Websiterigetti.com
Footnotes / references
[1]

History

Rigetti Computing was founded in 2013 by Chad Rigetti, a physicist who previously worked on quantum computers at IBM, and studied under Michel Devoret.[2][3] The company emerged from startup incubator Y Combinator in 2014 as a so-called "spaceshot" company.[4][5] The company also went through enterprise revenue-focused The Alchemist Accelerator in 2014.[5]

By February 2016, the company had begun testing a three-qubit (quantum bit) chip made using aluminum circuits on a silicon wafer.[6] In March, the company raised Series A funding of US$24 million in a round led by Andreessen Horowitz. In November, the company raised Series B funding of $40 million in a round led by investment firm Vy Capital, along with additional funding from Andreessen Horowitz and other investors. Y Combinator was a smaller investor in both rounds.[5]

By Spring of 2017, the company was testing eight-qubit computers,[3] and in June, the company announced the public beta availability of a quantum cloud computing platform called Forest 1.0, which allows developers to write quantum algorithms.[2]

In October of 2021, it was announced that the company planned to go public via a SPAC merger, with estimated valuation around $1.5 billion.[7][8] This process was expected to raise an addition $458 million in funding, in addition to the $200 million raised previously.[7] With this funding, Rigetti planned to scale its systems from 80 qubits to 1,000 qubits by 2024, and to 4,000 by 2026.[9] The SPAC deal closed on 2 March, 2022, and the company shares began trading on the NASDAQ exchange.[10]

In December of 2022, Subodh Kulkarni became President and CEO of the company.[11]

In July 2023 Rigetti launched a single chip 84qubit quantum processor that can scale to larger systems.[12]

Products and technology

Rigetti Computing is a full-stack quantum computing company, a term that indicates that the company designs and fabricates quantum chips, integrates them with a controlling architecture, and develops software for programmers to use to build algorithms for the chips.[13]

Forest cloud computing platform

The company hosts a cloud computing platform called Forest, which gives developers access to quantum processors so they can write quantum algorithms for testing purposes. The computing platform is based on a custom instruction language the company developed called Quil, which stands for Quantum Instruction Language. Quil facilitates hybrid quantum/classical computing, and programs can be built and executed using open source Python tools.[13][14] As of June 2017, the platform allows coders to write quantum algorithms for a simulation of a quantum chip with 36 qubits.[2]

Fab-1

The company operates a rapid prototyping fabrication ("fab") lab called Fab-1, designed to quickly create integrated circuits. Lab engineers design and generate experimental designs for 3D-integrated quantum circuits for qubit-based quantum hardware.[13]

Recognition

The company was recognized in 2016 by X-Prize founder Peter Diamandis as being one of the three leaders in the quantum computing space, along with IBM and Google.[15] MIT Technology Review named the company one of the 50 smartest companies of 2017.[16]

See also

Locations

Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment.[15] The company also operates its Fab-1 manufacturing facility in nearby Fremont.[2]

References
  1. "Rigetti Computing Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 27, 2023.
  2. "The Quantum Computer Factory That's Taking on Google and IBM". wired.com. 2017-06-20. Retrieved 2017-07-20.
  3. "A quantum leap of faith" (PDF). uregina.com. 2017-06-20. Retrieved 2017-07-20.
  4. "11 startups to watch from Y Combinator's Demo Day". bizjournals.com. Silicon Valley Business Journal. 2014-08-20. Retrieved 2017-07-20.
  5. "Y Combinator's quantum computing 'spaceshot' scores $64M from A16Z, others". bizjournals.com. Silicon Valley Business Journal. 2017-03-29. Retrieved 2017-07-20.
  6. "The Tiny Startup Racing Google to Build a Quantum Computing Chip". technologyreview.com. 2016-02-08. Retrieved 2017-07-20.
  7. "Rigetti Announces SPAC Deal with Supernova II". Rigetti. Retrieved 2021-10-11.
  8. Lee, Jane Lanhee (2021-10-06). "Quantum computer maker Rigetti to go public via $1.5 bln SPAC deal". Reuters. Retrieved 2021-10-11.
  9. "Quantum-Computing Company Rigetti to Go Public Through SPAC Deal". MarketWatch. Retrieved 2021-10-11.
  10. "Rigetti Computing Announces Closing of Business Combination with Supernova Partners Acquisition Company II, Ltd.; Begins Trading on Nasdaq Capital Market Today". globenewswire.com (Press release). 2 March 2022.
  11. "Dr. Subodh Kulkarni | Rigetti Computing". Rigetti. Retrieved 2023-07-11.
  12. "Rigetti launches 84qubit single chip quantum processor". August 11, 2023.
  13. "Rigetti Launches Full-Stack Quantum Computing Service and Quantum IC Fab". ieee.org. 2017-06-26. Retrieved 2017-07-20.
  14. "Welcome to pyQuil!". readthedocs.io. Retrieved 2017-07-20.
  15. Md, Peter H. Diamandis (2010-10-16). "Massive Disruption Is Coming With Quantum Computing". Singularity Hub. Retrieved 2017-07-20.
  16. "50 Smartest Companies 2017". technologyreview.com. Retrieved 2017-07-20.
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