Rigetti Computing founder joins quantum computing-focused venture fund

FILE PHOTO: Chad Rigetti, founder and CEO of quantum computer maker Rigetti & Co, poses in the lab in Berkeley, California, U.S. May 20, 2019. Picture taken May 20, 2019. Rigettti/Handout via REUTERS

(Reuters) - Chad Rigetti, the founder of Rigetti Computing, joined quantum technology-focused fund QDNL Participations as a partner, the venture capital firm said on Wednesday.

Rigetti Computing started trading on Nasdaq in March 2022 after a merger with a blank-check company. Rigetti left the quantum computing firm backed by Y Combinator and Andreessen Horowitz late last year.

In the new role, Rigetti will bring his know-how about developing quantum information technologies and taking them from the lab to the market, QDNL said.

Backed by Europe-based Quantum Delta NL foundation, QDNL Participations is a 15 million euro ($16.02 million) fund for early-stage Dutch quantum technology start-ups. It was launched in March this year.

Quantum computers promise to be millions of times faster than today's fastest supercomputers, potentially revolutionizing everything from medical research to the way people solve problems of climate change.

Still, it is uncertain when these machines would be ready despite billions being poured into the technology, with big tech companies such as Alphabet, IBM and Microsoft betting on this future computing technology.

($1 = 0.9366 euros)

(Reporting by Jaspreet Singh in Bengaluru and Jane Lanhee Lee; Editing by Krishna Chandra Eluri)

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