<div>
  <p>
    &lt;ul&gt;&lt;li&gt;In its recent financial and business update for the second quarter which ended June 30, 2022, California-based full-stack quantum computing company Rigetti Computing posted a basic and diluted loss per common share of USD 0.09&ndash;improved by 55% from last quarter&ndash;despite an unchanged revenue of USD 2.1 million from Q1 2021.&lt;/ul&gt;
  </p>
  <p>
    &lt;ul&gt;&lt;li&gt; The company expressed uncertainty in achieving its revenue forecast for the full-year 2022&ndash;between USD 12 million and USD 13 million&ndash;which was announced in the 
    <a href="https://sp-edge.com/updates/10539">
      last quarter
    </a>
     due to certain delays in the contracting process.&lt;/ul&gt;
  </p>
  <p>
    &lt;ul&gt;&lt;li&gt; During the quarter the company highlighted a few milestones including 1) the launch of its 32-qubit cloud-based 
    <a href="https://sp-edge.com/updates/11308">
      Aspen-series
    </a>
     quantum system in the UK (Rigetti&rsquo;s first system in the UK) 2) receiving two grants from Innovate UK for quantum error-correction and quantum algorithms development and 3) receiving a Defense Advanced Research Projects Agency (DARPA) 
    <a href="https://sp-edge.com/updates/12134">
      grant
    </a>
     for quantum benchmarking.&lt;/ul&gt;
  </p>
  <ul>
    <li>
      <p>
        It is also reported to be on track with its technology roadmap (hardware) which includes a single-chip 84-qubit quantum computer and a multi-chip 336-qubit processor in 2023, a 1,000+ qubit system in 2025, and a 4,000+ qubit system in 2027 or after.&nbsp;
      </p>
    </li>
    <li>
      <p>
        As of the reporting date, the company&rsquo;s cash and cash equivalents amounted to USD 184 million. It also secured USD 75 million on August 11, 2022, via a common stock purchase agreement with B. Riley Principal Capital II, LLC.&nbsp;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.globenewswire.com/news-release/2022/08/11/2497117/0/en/Rigetti-Computing-Reports-Second-Quarter-2022-Financial-Results-and-Provides-Business-Update.html">
      Globe Newswire
    </a>
  </p>
  <p>
  </p>
</div>


Quantum Computing

Rigetti improves EPS by 55% (QoQ) in Q2 2022

INCUMBENTS_PRESENT

PROMINENT_CATEGORY

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 <p>Novo Holdings, a significant shareholder in Novo Nordisk, is committed to investing DKK 1.4 billion (USD 200 million) in the development of quantum technology in Denmark.</p>
 <p>The funds will be used to build a dynamic seed and venture capital investment ecosystem for creating and nurturing quantum technology companies, chiefly in the Nordics area.</p>
 <p>Novo Holdings, managing the assets and wealth of the Novo Nordisk Foundation as its controlling shareholder, aligns this new initiative with the foundation's aim of enhancing human health and societal sustainability. The Danish Government and other contributors will support this Denmark-based quantum technology hub, situating Denmark as a key actor in quantum technology investments.</p>

</div>

Novo Holdings to invest USD 200 million in quantum technology

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 <p>Riverlane, a firm specializing in quantum error-correction, has received GBP 2.1 million (USD 2.6 million) from the European Innovation Council (EIC) Transition Grant program. The grant is backed by the Horizon Europe guarantee and the Department for Science, Innovation &amp; Technology (DSIT), and Riverlane is the only UK company among the 27 awardees.</p>
 <p>The funding will be used to develop a real-time quantum error decoder prototype, a key factor in achieving quantum advantage. The prototype will be created using Riverlane's patented decoding technology and will also incorporate a quantum control system from Dutch company Qblox.</p>
 
</div>

Riverlane secures GBP 2.1 million EIC grant to develop quantum error decoder

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 <p>Quantum Machines (QM), a quantum hardware and software company has entered a partnership with Hamamatsu, a photonics technology firm. Quantum computation, communication, and sensing capacities are set for improvement through this collaboration, though the specifics of the deal and its financial aspects have not been revealed.</p>
 <p>Their collaboration will incorporate QM’s camera interface, Observe, into Hamamatsu's ORCA-Quest camera which will allow for accelerated readouts of cold atoms and trapped-ion qubits. The QUA language enables real-time image processing and smooth integration resulting in a system that is commonly used within the quantum computing community. It also has support for camera link and CoaXpress interfaces in OPX+, creating compatibility with Hamamatsu’s camera, therefore improving research scalability.</p>
 
</div>

Quantum Machines partners with Hamamatsu to enhance quantum computation and sensing capabilities

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<p>PsiQuantum, a quantum hardware company based in California, has received AUD 940 million (USD 620 million) from the Australian Commonwealth and Queensland Governments, with an equal contribution from each. The Australian Government also awarded AUD 18.4 million (USD 12.0 million) to the University of Sydney (UoS).</p>
<p>The funding for PsiQuantum, which is a combination of equity, grants, and loans, will be used to develop the first utility-scale, fault-tolerant quantum computer in Australia. The computer will be situated near Brisbane Airport and is anticipated to be operational by the end of 2027.</p>
<p>The funds given to the UoS will be used to set up a new national quantum center named Quantum Australia. Its goal is to unify industry participants, academic experts, and research institutions to bolster Australia's quantum ecosystem.</p>
<p>The Australian government's financing is a part of its “Future Made in Australia” initiative.</p>
</div>

Australia invests nearly AUD 1 billion in PsiQuantum and University of Sydney

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 <p>French quantum hardware company Pasqal is teaming up with quantum networking firm Welinq to create specific quantum interconnects for neutral-atom quantum computing. The terms or financial aspects of this partnership have not been made public.</p>
 <p>The collaboration will utilize Welinq's quantum interconnect technology to link various Quantum Processing Units (QPUs), a move that will assist Pasqal in addressing the problem of qubit scaling in fault-tolerant quantum computing.&nbsp;</p>
 <p>The partnership will lay the groundwork for large scale quantum networks and boost computational capacity by increasing the number of qubits. It will also facilitate secure quantum information exchange thanks to interconnected multi-QPU systems.</p>
 
</div>

Pasqal and Welinq partner to enhance quantum computing industry standards

ANALYST_QUICK_TAKE

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 <p>US quantum computing firm Quantinuum announced a significant achievement with its 20-qubit quantum processor H1-1, becoming the first in the sector to attain a 99.9% two-qubit gate fidelity. This level of accuracy in quantum computations, also known as "three 9's", is considered a milestone in commercial quantum computers. In addition, Quantinuum stated it exceeded a quantum volume (QV) of 1 million - this marks the highest QV achieved to date.</p>
 <p>In March 2024, the company showcased its quantum charge-coupled device (QCCD) architecture. This innovative technology tackled a longstanding challenge in quantum computing related to wiring.</p>
 
</div> <p><b>Analyst QuickTake</b> :<br>
 Achieving 99.9% two-qubit gate fidelity indicates the computer’s greatly advanced error correction capabilities, which can increase the reliability of quantum computations. This progress marks a pivotal moment for the quantum computing industry as it gets closer to the breakeven point of logical qubits outperforming physical qubits, thereby enabling efficient real-life computational solutions.</p>

Quantinuum achieves 99.9% two-qubit gate fidelity; surpasses 1 million QV

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 <p>The quantum computing company, Xanadu, based in Canada has formed a partnership with South Carolina Quantum (SC Quantum), a non-profit state quantum association. The aim is to create quantum educational resources and promote a quantum-centric workforce in South Carolina.</p>
 <p>This partnership will use Xanadu's open-source software framework, PennyLane, for the development of advanced quantum algorithms as it aims to boost quantum education and research within the US. The technology is also expected to offer practical learning experiences for SC Quantum's expanding university network, thus nurturing a culture of research, innovation, and potential entrepreneurial opportunities.</p>
 
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Xanadu and South Carolina Quantum partner to expand quantum education and research

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<p>A collaboration has been established between Quantum hardware company IonQ and Oak Ridge National Laboratory (ORNL) aimed at utilizing quantum computing for betterment of the US power grid. This initiative is funded by the US Department of Energy (DOE) and falls under the GRID-Q project, which is part of the DOE's Grid Modernization Initiative. The funding from the US DOE will be used to utilize both quantum and classical technologies for optimizing and ensuring the security of the US power grid.</p>

</div>

IonQ and Oak Ridge National Laboratory collaborate on DOE power grid project

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   <p>Quantum software startup Classiq, based in Israel, has partnered with Quantum Intelligence Corp (QIC) from South Korea. The aim is to accelerate drug development by employing quantum computing in pharmacology. They plan to integrate Classiq’s quantum computing platform with QIC’s drug development platform called QUEST-ADMET. This combined platform leverages both quantum computing and AI to anticipate the characteristics of drug compounds, thus aiding in the evaluation of safety and efficacy.</p>
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Classiq and Quantum Intelligence Corp partner to accelerate drug development with quantum computing

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 <p>Quantinuum, a US-based quantum computing company, is collaborating with Microsoft to produce highly reliable logical qubits. The partnership combines Microsoft's qubit-virtualization system with Quantinuum's System Model H2 quantum computer, aiming to create four low error logical qubits. This collaboration signifies progress in fault-tolerant quantum computing.</p>
 <p>The improved quantum computing capabilities will be used for complex scientific calculations, such as materials modeling for batteries, and to enhance AI language models. The objective is to develop systems with approximately 1,000 reliable logical qubits, which could significantly impact commercial sectors.</p>
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All Updates