IonQ Secures $55 M in Funding Led by Samsung Catalyst Fund & Mubadala Capital

(GlobeNewsWire) IonQ announced it has secured $55 million in a funding round led by the Samsung Catalyst Fund and Mubadala Capital. This round of funding brings IonQ’s total amount raised to $77 million. IonQ plans to use the funds announced today to make quantum computing more accessible to businesses and lower the barrier to entry for developers. The company plans on making its quantum computers commercially available via the cloud and developing next-generation systems for programming these machines.
“Foundational and revolutionary technologies — like the transistor, the laser, or the mobile phone — take years to evolve into innovations that transform the way we live,” said Young Sohn, Corporate President and Chief Strategy Officer for Samsung Electronics and Chairman of the Board for HARMAN. “Though it’s still early days, we see a similar revolution taking place with quantum computing, which is why we’re excited to work alongside the IonQ team. Together, we can unlock the vast potential of this technology to address new opportunities in drug discovery, artificial intelligence, breakthrough materials, and many other areas that will have a profound impact on our way of life.”
“Mubadala Capital’s ventures strategy seeks transformative technologies with the promise of disrupting traditional industries,” said Alaa Halawa from Mubadala Capital. “As we have developed our understanding of the opportunity and challenges of the technology, we came to believe that trapped ions have the highest potential to deliver on the promise of a scalable general-purpose quantum computer. While we are in the early innings of this industry, we believe that the groundbreaking work of the IonQ team will position the company as the leader in developing commercially viable quantum computers in the near-term and beyond.”
Additional investors that participated in this funding round included ACME Capital, Airbus Ventures, Hewlett Packard Pathfinder, Tao Capital Partners, Correlation Ventures and A&E Investment LLC, as well as previous investors Osage University Partners (OUP), New Enterprise Associates (NEA), GV and Amazon.