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IonQ Raises $20M Series B Round Led by NEA, GV to Advance Quantum Computing for Commercial Applications

Wednesday, July 26, 2017

Company Aims to Bring Quantum Computers to Market Using Differentiated Ion-Trapping Approach Pioneered by World-Renowned Experts

 CISION PR Newswire - Jul 26, 2017

 COLLEGE PARK, Md., July 26, 2017 /PRNewswire/ -- IonQ, an early-stage company developing quantum computing for commercial applications, today announced completion of a $20 million series B round led by New Enterprise Associates (NEA) and GV (formerly Google Ventures), with participation from new strategic investors. Building on the pioneering work of world-renowned experts at the University of Maryland and Duke University, IonQ plans to bring general-purpose quantum computers to market by late 2018.

 "Efforts to harness quantum mechanics to accelerate computation have gained tremendous momentum in recent years, fueled by significant scientific progress and growing interest—and investment—by some of the world's largest governments, organizations and technology companies," said David Moehring, PhD, CEO of IonQ. "While there is much yet to be discovered about specific applications, there is a massive market clamoring for practical quantum computers. Building on the groundbreaking work of Chris Monroe and Jungsang Kim, IonQ's mission is to make reliable, scalable quantum computing a reality."

IonQ's team comprises some of the world's foremost experts in the field of quantum computing. Co-founders Chris Monroe of University of Maryland and Jungsang Kim of Duke University are longtime collaborators, well-known for their pioneering work in ion-trap experiments. Ion trapping is the hallmark of IonQ's approach and a key differentiator from other efforts underway. Moehring, who joined as CEO in 2016, was most recently at U.S. Intelligence Advanced Research Projects Activity (IARPA), charged with oversight of government-sponsored quantum computing initiatives.

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