Quantum computing investments on the rise

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Investments in quantum computing are expected to increase in the next 24 months, according to the survey results from IDC. The number of organizations allocating more than 17% of their annual IT budgets for this technology is expected to rise from 7% in 2021 to an estimated 19% in 2023. These investments will be driven by organizations seeking to achieve a competitive advantage by using quantum computing technology to improve and accelerate business processes with enhanced AI capabilities, better security, and optimized algorithms. Companies increasingly interested in quantum computing Recent survey findings indicate that, at the start of 2021, one fifth of companies interested in quantum computing technology reported current usage and two thirds expect to be experimenting with this technology in the next 18-24 months. This growth is due to...

Xanadu Lands $100 Million as Investments Pour Into Quantum Computing

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Xanadu Quantum Technologies Inc., which aims to commercialize quantum computing using particles of light, has raised $100 million in new funding as investor interest in the industry heats up.On Tuesday, Xanadu announced a Series B funding led by Bessemer Venture Partners, one of Silicon Valley’s oldest such firms. Funding to date for the five-year-old company now totals $145 million, said Christian Weedbrook, founder and chief executive of Xanadu. Quantum computing has the potential to solve some problems many millions of times faster than a conventional computer, which is why major technology companies and startups are working to commercialize it using various approaches. Traditional computers store information as either zeros or ones. Quantum computers use quantum bits, or qubits, which represent and...