Quantum startup Rigetti Computing announced last week that it acquired QxBranch. QxBranch, a quantum computing and data analytics software startup, is expected to add to Rigetti's depth in this sector.
"Our mission is to deliver the power of quantum computing to our customers and help them solve difficult and valuable problems," said Chad Rigetti, founder and C.E.O. of Rigetti Computing. "We believe we have the leading hardware platform, and QxBranch is the leader at the application layer. Together we can shorten the timeline to quantum advantage and open up new opportunities for our customers."
Rigetti Computing plans to leverage this acquisition to build on its full-stack strategy and expand the company’s competencies in quantum algorithms, solutions and services.
The QxBranch team’s focus will be on software development, working with customers to implement specialized quantum algorithms. Michael Brett, C.E.O. of QxBranch, will now serve as Rigetti’s Senior Vice President of Applications.
"QxBranch is thrilled to join 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."
"QxBranch is thrilled to join 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," added Brett in a statement.
The deal was an all-equity transaction. In addition, Dr. Ray O. Johnson, former Chief Technology Officer of Lockheed Martin and current Chair of the Board at QxBranch, will join Rigetti's board as an independent director.