Alice & Bob Raises $104M for Cat Qubit Quantum Computers

The Pursuit of Fault-Tolerant Quantum Computing

Quantum computing continues to be a highly sought-after advancement in technology. It offers the potential for significantly increased computational power, contingent upon overcoming the challenges associated with error rates that currently hinder scalability.

Alice & Bob Secures €100 Million in Funding

A leading European quantum startup, Alice & Bob, has announced a substantial funding round to accelerate its work on a solution. The Paris-based company, a pioneer in cat qubit quantum architecture, has raised €100 million ($104 million) in Series B funding.

These funds will be utilized to further develop a “fault tolerant” quantum computer – a system capable of accepting and mitigating errors – leveraging the unique properties of cat qubits. Alice & Bob anticipates having its first “useful” quantum computer available by 2030.

A Shift in Industry Vision

“Alice & Bob was founded with a distinct vision for how quantum computers should be constructed, prioritizing fault tolerance from the outset,” explained CEO and co-founder Théau Peronnin. “Over the past 12 to 18 months, the entire industry has demonstrably aligned with this perspective.”

Growing Demand for Computational Power

The demand for increased computing capabilities is at an all-time high. This is evidenced by large-scale projects such as the $500 billion Stargate AI data center initiative in the U.S., and the substantial growth experienced by computing chip manufacturers like Nvidia.

Peronnin believes that the conventional computing architecture race is unsustainable in the long term. This will drive increased investment in quantum computing, which promises greater efficiency than traditional processors.

Quantum Computing as a Game Changer

“As computing becomes an increasingly vital resource for productivity, quantum technology represents a potential paradigm shift,” he stated. “The competition has begun.”

Investment Details and Valuation

The investment was jointly led by Future French Champions (FFC), AVP (AXA Venture Partners), and Bpifrance, who also co-led the startup’s $30 million Series A round in 2022. While the company has not disclosed its valuation, estimates place it between $300 million and $400 million, comparable to Riverlane, a partner of Alice & Bob.

A Growing Quantum Landscape

This funding round is among the largest for a quantum computing startup in Europe. It occurs within a broader context of increasing investment in the quantum sector.

Notable fundraises include Riverlane’s $75 million, SEEQC’s $30 million, and Quantum Machines’ reported $100 million raise. Quantinuum secured $300 million at a $5 billion valuation last year, with discussions of a potential $10 billion listing.

Recent Breakthroughs in Error Correction

Google achieved a significant breakthrough in fault-removal technology in November 2024 with AlphaQubit, an AI system designed to automatically identify errors in quantum computations. Furthermore, Microsoft and Atom Computing have pledged to release a commercial quantum computer this year.

The Significance of "Alice & Bob" and Cat Qubits

The startup’s name, “Alice & Bob,” references the archetypal characters frequently used in thought experiments within cryptography and quantum physics.

Alice & Bob’s system is built upon the concept of a “cat qubit,” a theoretical construct inspired by Schrödinger’s cat. This approach allows the system to accept some faults while correcting others, rather than attempting to eliminate all errors through increased qubit numbers.

Cat Qubit Architecture Explained

As Peronnin explains, the “cat qubit is a specialized qubit design intended to correct errors directly at the hardware level – not all of them, but approximately half. This inherent error correction simplifies the overall machine design.”

Investor Confidence in Commercial Viability

Alice & Bob’s investors are confident that this approach holds the key to realizing the commercial potential of quantum computing.

“The question of practicality is central to the investment industry’s evaluation of quantum technology,” noted François Robinet, a partner at AVP. He stated that AVP had previously refrained from investing due to the predominantly research-focused nature of the field. However, with the development of a chip architecture capable of supporting 48 qubits, he believes the R&D phase is concluding.

François Charbonnier, a partner at Bpifrance, echoed this sentiment. He emphasized that addressing even one of two major error types, as Alice & Bob is doing, is a crucial step towards scalability. “While it remains a long-term endeavor, we are convinced that Alice & Bob will be a competitive force in this race.”

• Quantum Computing: A revolutionary approach to computation with the potential to solve complex problems beyond the reach of classical computers.
• Cat Qubit: A unique qubit architecture developed by Alice & Bob, designed for inherent error correction.
• Fault Tolerance: The ability of a quantum computer to operate reliably despite the presence of errors.