Rigetti provides business update and financial highlights for the first nine months of 2021
BERKELEY, Calif., December 20, 2021 – Rigetti Computing (âRigettiâ or the âCompanyâ), a pioneer and leader in hybrid classical quantum computing, today announced the highlights of the year to date and financial highlights for the nine months ended October 31, 2021. These highlights include approximately $ 6.9 million in revenue for the nine months ended October 31, 2021 and the availability of the world‘s first scalable multi-chip quantum processor .
Rigetti, currently a private company, announced in October 2021 that it has entered into an agreement and plan to merge with Supernova Partners Acquisition Company II (NYSE: SNII) (âSupernovaâ), a listed special purpose acquisition company. in stock exchange. The proposed transaction is subject to approval by Supernova shareholders and other closing conditions. After the completion of the proposed transaction, the surviving combined company will be named Rigetti Computing, Inc.
GAAP financial highlights for the nine-month period ended October 31, 2021 *
- Revenue increased 68% to $ 6.9 million for the nine-month period ended October 31, 2021, from $ 4.1 million for the same period in 2020. The increase in revenue is mainly due to news customer relationships and the expansion of existing development contracts.
- Total operating expenses increased 7% to $ 32.0 million for the nine-month period ended October 31, 2021, from $ 29.8 million for the same period in 2020.
- R&D expenses increased 14% to $ 21.2 million for the nine months ended October 31, 2021, from $ 18.6 million for the same period in 2020, representing 66% of total operating expenses for the nine months ended October 31, 2021 and underscoring the commitment to advancing its technology and product roadmap.
- Net operating loss decreased 3% to ($ 26.2 million) for the nine-month period ended October 31, 2021, from $ (26.9) million for the same period in 2020.
âWe believe the time for quantum computing has come,â said Chad Rigetti, founder and CEO of Rigetti. âCustomer demand is increasing as Rigetti quantum computers begin to solve high-impact computational problems.
âIn keeping with our mission to build the world’s most powerful computers to help solve humanity’s most important and pressing problems, Rigetti has achieved many critical milestones in 2021. We have introduced the Aspen-M system at 80 qubits, the world’s first multichip quantum processor, expanded our customer and partner footprint and generated substantial year-over-year revenue growth, “continued Rigetti.” We look forward to the continuation momentum, as we expect customers to take advantage of the increasing speed and scale of Rigetti quantum hardware and solutions in their efforts to solve important problems that are beyond the capabilities of today’s conventional computers. hui. “
Rigetti is fully vertically integrated, from chip design and production to cloud delivery. Rigetti’s primary business model is Quantum Computing as a Service (âQCaaSâ). In 2021, Rigetti introduced the world’s first scalable multi-chip quantum processor, which Rigetti says is a key advancement in the scalability of quantum processors. Industry researchers estimate that fully fault-tolerant quantum computers could eventually deliver up to $ 850 billion in annual value creation for end users and technology companies. Rigetti believes its scalable chip technology has the potential to help unlock this transformational opportunity in the future.
Business Highlights in 2021 YTD
The world’s first scalable multi-chip quantum processor
- Rigetti launched the world’s first multi-chip quantum processor in June 2021. The processor incorporates a proprietary modular architecture that accelerates the path to market and solves the major challenges of scaling to fault-tolerant quantum computers.
40 qubit system
- Rigetti made its next-generation 40-qubit system, with accelerations of 2.5 times in quantum processing time, available on Rigetti Quantum Cloud Services, Amazon Braket and Strangeworks Ecosystem in December 2021.
- Rigetti made Aspen-M, its 80-qubit system powered by its proprietary multi-chip technology, available to customers in a private beta on its Quantum Cloud Services platform in December 2021.
Collaboration developments in industry
Inclusion in Microsoft’s Azure Quantum service
- Rigetti announced in December 2021 that it was working with Microsoft to deliver Rigetti quantum computers in the cloud to users of Microsoft’s Azure Quantum service. When the Rigetti system becomes available, it is expected to be the largest quantum computer accessible on Azure Quantum. Both companies expect the integration to be complete and available to users of the service in the first quarter of 2022.
Collaboration with Deloitte and Strangeworks
- Rigetti detailed his plans to collaborate with Deloitte and Strangeworks to explore quantum applications in materials simulation, optimization and machine learning in a December 2021 announcement.
Customer developments and quantum applications
Predictive weather modeling with quantum machine learning
- Rigetti developed an effective solution to a weather modeling problem using quantum computers and published the results in November 2021. Building on existing machine learning workflows, Rigetti applied a combination of techniques from Classical quantum machine learning to produce high-quality synthetic weather radar data and improve storm forecasting models. The work was performed on Rigetti’s 32-qubit system, demonstrating that practical applications are within reach of quantum hardware in the short term.
Fusion energy via quantum computing for the Ministry of Energy
- Rigetti announced in November 2021 that he had been selected to lead a quantum simulation project for fusion energy awarded by the Department of Energy. Rigetti is collaborating with Lawrence Livermore National Laboratory and the University of Southern California on the three-year, $ 3.1 million project designed to simulate plasma dynamics on Rigetti’s cloud-based quantum computers.
Drug Discovery with Quantum Computing through Partnerships with Riverlane and Astex Pharmaceuticals
- Rigetti UK Limited, a wholly-owned subsidiary of Rigetti, announced in July 2021 its partnership with Riverlane and Astex Pharmaceuticals to develop an integrated molecular systems simulation application using Rigetti Quantum Cloud Services. This cooperation paves the way for new commercial applications of Rigetti’s quantum computing solutions, with the potential to transform drug discovery into pharmaceutical R&D.
Key hires strengthen Rigetti’s talent
- Rigetti appointed Brian Sereda as the company’s CFO in August 2021. Sereda has over 25 years of senior financial experience, most recently as CFO at Energous Corporation (NASDAQ: WATT) where he led increased significant working capital and oversaw finance, legal, investor relations, human resources and IT.
- Rigetti appointed Jackie Kaweck as Senior Vice President, Human Resources, in July 2021. Kaweck brings over 20 years of human resources and executive leadership experience to this role, most recently as Executive Vice President , People at Vivid Seats.
- Rigetti appointed David Pappas as Senior Principal Scientist in September 2021. Pappas joined the company after 25 years at the National Institute of Standards and Technology, where he most recently headed the Quantum Processing Group. Rigetti also added Josh Mutus, former quantum science researcher at Google, to its hardware development team as director of quantum materials in April 2021.
* The Company has changed its fiscal year end from January 31 to December 31 as of December 31, 2021, and will first reflect the change in fiscal year for interim and annual filings for fiscal years beginning January 1, 2022.
About Rigetti Computing
Rigetti Computing is a pioneer in full-stack quantum computing. The company has been operating quantum computers in the cloud since 2017 and serves global businesses, governments and research clients through its Rigetti Quantum Cloud Services platform. Proprietary classical quantum infrastructure provides ultra-low latency integration with public and private clouds for high-performance, practical quantum computing. Rigetti developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Rigetti was founded in 2013 by Chad Rigetti and today employs over 140 people with offices in the US, UK and Australia. Learn more about www.rigetti.com.
About Supernova Partners Acquisition Company II
Supernova II is led by Michael Clifton, who was most recently a technology investor at The Carlyle Group; Robert Reid, longtime senior partner at Blackstone; Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA and Pacaso and who led Zillow as CEO for nearly a decade; and Alexander Klabin, Founder and CEO of Ancient and former Managing Partner, Co-CIO and Co-Founder of Senator Investment Group.
Source: Informatique Rigetti