Rigetti Computing, a quantum computing startup has announced it closed a $79M Series C financing led by Bessemer Venture Partners.

The company is dually focused on building scalable, error-corrected quantum computers and supporting high-performance access to current systems over the cloud. Rigetti offers a distinctive hybrid computing access model designed for practical applications.

Quantum technology has the potential to unlock significant advancements in biology, chemistry, logistics and material science.

“This round of financing brings us one step closer to delivering quantum advantage to the market,” said Chad Rigetti, founder and CEO of Rigetti Computing.

The financing also accelerates the momentum of Rigetti’s business growth. In December 2019, Rigetti released a 32-qubit quantum computer that is currently available through Amazon Braket and its own Quantum Cloud Services platform. In addition, the company recently received an $8.6 million DARPA award to build a quantum system capable of outperforming classical computers.

“Quantum computing will drive a paradigm shift in high-performance computers as we continue pushing the boundaries of science deeper into the realms of science fiction” said Tomer Diari, a leading deep-tech investor from Bessemer Venture Partners who has joined the company’s board.

Investors, companies, and government entities are increasingly recognizing the potential for quantum computing technology, and the industry is poised for significant growth.

Franklin Templeton joins the round with participation from Alumni Ventures Group, DCVC, EDBI, Morpheus Ventures, and Northgate Capital. 

“It’s hard to find an area where quantum computing won’t be tremendously valuable once quantum advantage is achieved,” said Jonathan Curtis, vice president and portfolio manager at Franklin Equity Group. “We believe that Rigetti is one of a select few leaders in this important emerging market with a strong combination of leading technology, an accomplished and focused team, and important commercial, government, and go to market relationships.”