Alice&Bob, a pioneering quantum computing startup based in Paris, reveals a successful $104M fundraising round. With plans to utilize this investment to perfect a fault-tolerant quantum computer relying on cat qubits, the company strides closer to aiming for a functional quantum computing model by 2030.
“The vision of Alice&Bob regarding quantum computing is clear cut from the beginning: fault tolerance,” stated CEO Théau Peronnin. “We’re witnessing a significant shift in the entire industry aligning with our vision.”
The increasing demand for higher computing power has propelled Alice&Bob’s strategies. CEO Peronnin believes that quantum computing, with its potential to outperform even top-notch conventional processors, is the future of computing. “Quantum is a potential game changer in productivity. The game is on.”
Their funding round, one of the largest for a European quantum computing startup, was co-led by Future French Champions (FFC), AVP (AXA Venture Partners), and Bpifrance. The company’s valuation, believed to be between $300M and $400M, stands in line with its partner, Riverlane.
The name Alice&Bob nods to the archetypal characters used in the hypothetical scrutiny in the realms of cryptography and quantum physics. Alice&Bob’s “cat qubit” technology is based on Schrödinger’s Cat’s theory of dual states, accepting some faults while rectifying others, and hence is “fault-tolerant”.
Investors supporting Alice&Bob see this as the vital step towards transitioning quantum computing from a research sphere into commercial reality.
Original source: Read the full article on TechCrunch
