Interest in quantum computing growing as evidenced by VC funding
Artificial intelligence is one of the drivers for the heightened quantum venture funding market.
“Quantum computing has been getting more attention in recent years as its promise becomes more palpable,” Chris Metinko writes in this recent article in Crunchbase News. “Venture funding in the sector has hit new levels this year — perhaps thanks in large part to another red-hot sector: AI (artificial intelligence).”
He adds that “quantum computing start-ups have already raised $1.5 billion in venture funding in 50 deals so far in 2024, according to Crunchbase data. That nearly doubles the $785 million raised last year in 67 deals, and surpasses the all-time high raised in 2022 of nearly $963 million in 77 deals.”
What’s at least part of the driver? It is generative AI with its huge computing needs and energy consumption. Metinko notes that studies suggest quantum computing could be as much as 100x more energy efficient than a typical supercomputer for a comparable calculation time. “So, in theory, a less powerful quantum computer could still be superior to a supercomputer while also being more energy efficient,” he writes.
Metinko concludes the article with this thought: “While AI is certainly not the sole driver of the current heightened quantum venture funding market — quantum has a multitude of applications ranging from life sciences to navigation — it also would be unwise to discount its ever-widening impact.”
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