The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, co-led a EUR 100 million (approximately USD 104 million) Series B funding round for Paris-based quantum computing company Alice and Bob. The round was led by Future French Champions (FFC), a joint investment vehicle between QIA and Bpifrance, France’s public investment bank.
According to Zawya, the capital raised will support Alice and Bob’s plan to build what the company describes as the world’s first useful quantum computer by 2030. Nearly 50 percent of the funds are allocated toward construction of a laboratory and production facility, with additional funds for hiring. The company develops proprietary “cat qubit” technology, which it says reduces the number of physical qubits needed for error correction.
Other participants in the round included AXA Venture Partners, Elaia Partners, Breega, Supernova Invest, and the European Innovation Council. The investment marked a further expansion of QIA’s technology portfolio, which the fund has described as part of Qatar’s economic diversification strategy.