French quantum firm Alice & Bob wins new investment from Nvidia venture arm
NVIDIA Corporation NVDA | 0.00 |
By Dominique Patton
PARIS, May 22 (Reuters) - French company Alice & Bob has won funding from Nvidia's NVDA.O venture capital arm NVentures, it said on Friday, supporting its development of hardware to make quantum computing less error-prone at a time of surging interest in the technology.
The company did not provide details on the size of the investment, which came just after the Trump administration said it would take $2 billion in equity stakes across nine quantum-computing companies, in a major push to secure U.S. leadership in the emerging technology.
Recent technological breakthroughs have deepened investor interest in quantum computing's potential to speed up tasks ranging from drug discovery to financial modelling and cryptography.
The "massive" increase in investment is being driven by a realisation that "computing infrastructure is becoming more and more crucial in our economies", Alice & Bob CEO Theau Peronnin told Reuters.
Alice & Bob, which has offices in Paris and Boston, focuses on “cat qubits”, a special type of quantum bit designed to be more resistant to errors than normal qubits, addressing one of the biggest problems in quantum computing.
The new investment, which adds to a €100 million Series B round raised last year, follows collaboration between Alice & Bob and Nvidia on several projects recently that allowed the firm to demonstrate its talent and technology, said Peronnin.
Alice & Bob's technology helps build "very compact, very cost-efficient" quantum computers "positioning us really at the forefront of the race at the moment", he added.
The company is participating in France's PROQCIMA programme, led by the Ministry of the Armed Forces, which aims to have two French-designed prototypes of universal quantum computers ready for industrialisation by 2032.
"We hope for a strengthening of that public procurement programme," said Peronnin, adding that public support of strategic areas "forces companies to deliver and it helps create champions".
