Rigetti Computing, the world’s leading venture-backed quantum computing company, announced today it has acquired QxBranch, a quantum computing and data analytics software company.
The acquisition builds on Rigetti’s full-stack offering by expanding its algorithm and application development capability that will increase the value of existing and new customer engagements. It will also further strengthen the tight coupling of Rigetti’s hardware and software teams to accelerate the path to quantum advantage.
“We’re singularly focused on helping our customers solve valuable problems, and we believe success will come through a deeply integrated full-stack solution,” said Chad Rigetti, founder and CEO of Rigetti Computing. “Joining forces with QxBranch will make our technology better for everyone. Their deep understanding of customer needs and industry-leading application development expertise will help bring our technology to market faster.”
The two companies have worked together closely on quantum computing applications over many years, including the release of QxBranch-built machine learning tools on Rigetti’s Quantum Cloud Services platform in 2018. Working inside the Rigetti environment with a better understanding of the hardware will allow the QxBranch team to build on these strengths and inform the next stages of application-specific hardware development.
“The QxBranch team is thrilled to join with our colleagues at Rigetti and accelerate our work together. Since founding the company five years ago, we have worked hard to introduce our data analytics customers to the emerging potential of quantum computing and now we can offer even more with a combined hardware and software solution,” said Michael Brett, CEO of QxBranch. Michael Brett will join Rigetti’s leadership team in the new role of Senior Vice President, Applications. The entire QxBranch team will join Rigetti in a range of software engineering and application and business development roles.
The acquisition will also extend Rigetti’s customer relationships with enterprises and government customers and add a growing pipeline of new business. QxBranch’s coverage across the United States, United Kingdom and Australia expands Rigetti’s global footprint, with an international team of software engineers and data scientists with a culture of client delivery and application know-how.
The acquisition was an all-equity transaction. QxBranch’s interest in Envelop Risk Analytics, a cyber insurance business that QxBranch helped launch in 2017, was not included in the deal. Additionally, Dr. Ray O. Johnson, former Chief Technology Officer of Lockheed Martin Corporation and current Chairman of the Board at QxBranch, will join Rigetti’s board as an independent director.
“Over the past five years, QxBranch has established itself as a leader in the identification and development of applications for quantum computing technologies. Joining Rigetti’s team of talented engineers and scientists will reinforce and accelerate our efforts to create solutions for complex business problems that will leverage ongoing quantum computing developments. We are thrilled to help make a great Rigetti team even stronger, as we continue our quantum computing efforts,” said Dr. Johnson.
About Rigetti Computing
Rigetti Computing develops and delivers integrated quantum and classical computing capabilities over the cloud. The company’s flagship product, Quantum Cloud Services, provides dedicated access to quantum hardware and a development environment tailored for practical applications. Rigetti was founded in 2013 and is based in Berkeley and Fremont, California.
Founded in 2014, the QxBranch team develops algorithms and software for quantum and classical computers, focused on predictive analytics, forecasting, and optimization. The company develops solutions for industry-leading organizations facing difficult business analytics challenges in domains including finance, insurance, pharmaceuticals, media, and energy. Headquartered in Washington, D.C., QxBranch has offices in Adelaide, Australia, and London, UK.
View the press release on PR Newswire here.