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DELFT, Netherlands – A multinational collaboration involving QphoX B.V., Rigetti Computing, Inc. (NASDAQ:RGTI), a quantum computing company with a market capitalization of $2.78 billion, and the UK’s National Quantum Computing Centre (NQCC) has secured a grant to advance quantum computing technology by developing a method for optically reading out superconducting qubits. According to InvestingPro data, Rigetti maintains a strong liquidity position with a current ratio of 17.42, positioning it well for this ambitious project. The grant, awarded through the Eureka network, will fund a 33-month program aimed at overcoming one of the significant hurdles in quantum computing.
The partnership’s recent demonstration showed the potential of using light transmitted over optical fiber to read the state of a superconducting qubit. This method involves a process called microwave-to-optical transduction, which converts microwave readout pulses into optical signals, potentially offering a scalable alternative to conventional microwave amplifiers and coaxial wiring. The market has responded positively to Rigetti’s technological advances, with InvestingPro showing a significant 9.42% return over the past week. Investors can access 10+ additional ProTips and comprehensive analysis through InvestingPro’s detailed research reports.
QphoX is set to expand its optical qubit readout system to work with Rigetti’s 9-qubit Novera QPU. The system will be installed and operated at the NQCC, with the goal of removing a substantial heat load from cryogenic systems, a critical challenge in building a universal quantum computer.
Simon Groeblacher, CEO of QphoX, expressed excitement about taking their developments to the next level in demonstrating this technology at scale. Dr. Subodh Kulkarni, CEO of Rigetti, highlighted the benefits of an open and modular system architecture that allows for the integration of partner technology with Rigetti’s QPU. Dr. Michael Cuthbert, Director of NQCC, noted the importance of this step in advancing scalable quantum computing.
The collaboration is supported by the Rijksdienst voor Ondernemend Nederland (RVO) and Innovate UK, with the shared objective of addressing scalability challenges in the quantum computing industry.
This initiative represents a significant stride towards the commercialization of superconducting quantum computing, potentially impacting the future operations and technological milestones in the field. The information for this article is based on a press release statement.
In other recent news, Rigetti Computing, Inc. has been awarded a £3.5 million grant as part of Innovate UK’s Quantum Missions pilot competition, leading a consortium to advance quantum error correction in superconducting quantum computers. The project, which includes partners Riverlane and the National Quantum Computing Centre, aims to enhance quantum error correction capabilities, a crucial step toward developing fault-tolerant quantum computing systems. Additionally, Rigetti has joined the Defense Advanced Research Projects Agency’s (DARPA) Quantum Benchmarking Initiative, entering a six-month assessment period with potential earnings of up to $1 million upon meeting program milestones. The company’s strategy involves leveraging its proprietary multi-chip architecture and scalable quantum error correction codes.
In related developments, IonQ announced the availability of its IonQ Forte Enterprise quantum computer on Amazon Braket, a service from Amazon Web Services, marking a significant step in making quantum computing more accessible to developers. The collaboration with AWS is designed to foster the creation of commercial applications across various industries. Meanwhile, the quantum computing sector recently experienced volatility, with stocks like IonQ and Rigetti rebounding after a downturn triggered by comments from NVIDIA’s CEO about the public status of quantum companies. These remarks initially led to a sell-off, but subsequent clarifications helped stabilize investor sentiment. The quantum computing industry remains in its early stages, with ongoing advancements and collaborations signaling potential for future growth.
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