Google (GOOG, GOOGL) and SoftBank (SFTBY) are backing QuEra Computing, a quantum computing startup, as part of a $230 million funding round, according to a Bloomberg report.
QuEra CEO Andy Ory stated that the round was completed in just weeks, with investors approaching the company following key technical breakthroughs. Of the $230 million raised, $60 million is contingent on meeting certain milestones. The company plans to use the funds to expand its workforce to 130 employees.
Before this raise, QuEra was valued between $750 million and $1 billion, according to Bloomberg. The startup, spun off from MIT in 2018, already generates "tens of millions" in revenue, serving clients like Japan's National Institute of Advanced Industrial Science and Technology.
Quantum computing stocks have surged recently, fueled by Google's advancements, including its Willow quantum chip. Companies like IonQ (NYSE:IONQ), D-Wave Quantum (NYSE:QBTS), Quantum Computing (NASDAQ:QUBT), and Rigetti Computing (RGT) have gained attention amid rising investor interest.
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