Quantum computing becomes a new trend! Alphabet Inc. Class C (GOOGL.US) and SoftBank participate in the startup QuEra's $230 million fundraising.

Investors in startups, including Alphabet Inc. Class C (GOOGL.US) and SoftBank, are all noticing that quantum computing is getting closer and closer to widespread real-world applications. Alphabet Inc. Class C and SoftBank Vision Fund have become new investors in QuEra Computing Inc., a startup based in Boston, participating in the company's $230 million financing round aimed at making quantum computing more practical. QuEra's interim CEO, Andy Ory, stated that the latest round of financing was completed "within weeks" as the startup company solved a series of technical challenges, prompting investors to reach out to him. The company stated that out of the new cash influx, $60 million is still unpaid, contingent on QuEra reaching certain technical milestones. Quantum computing has become an increasingly important topic in the tech world, partially due to advancements in technology such as Alphabet Inc. Class C's new quantum computers, which can solve math problems in five minutes that would take a classical supercomputer approximately ten thousand trillion years to solve. Ory describes the current enthusiasm for the quantum industry as "night and day" compared to a few years ago. According to a report by McKinsey & Company, the industry has attracted billions of dollars in investments from global governments, publicly traded companies, and private investors, with the market projected to grow to $173 billion by 2040. Companies like Alphabet Inc. Class C, Microsoft Corporation, and IBM are all researching this technology, with hundreds of startups adopting different approaches. "It's like a race of technologies, seeing which technology is better," Ory said. QuEra's technology uses so-called neutral atom qubits. "Right now, neutral atoms seem to be winning." Ory stated that using neutral atoms to scale up quantum computers is easier than other methods because it can be done at room temperature without the need for extensive cryogenic cooling equipment. Founded in 2018 as a spinoff from MIT, QuEra stated that it has received revenue in the tens of millions from Japan's National Institute of Advanced Industrial Science and Technology (AIST) and other clients. The company plans to use this funding to nearly double its workforce to around 130 employees by the end of the year, primarily hiring scientists and engineers. According to a source, QuEra previously raised around $50 million and was valued between $750 million and $1 billion in the recent fundraising round. Hartmut Neven, head of Alphabet Inc. Class C's Quantum AI department which supports the investment in QuEra, stated last week that commercial quantum computing applications are expected to arrive within the next five years. QuEra's Chief Business Officer, Yuval Boger, stated: "Just like ChatGPT took 30 years to build and became an overnight sensation, we are the same. We took 43 years to build. Another revolution is coming."