Despite market turmoil across the technosphere, several quantum computing companies still managed to raise huge venture capital deals in 2022.

Quantum computers differ from traditional ones by using qubits. Qubits are a basic unit of quantum information which is used to define the processing power of a computer. A qubit essentially allows the piece of data to exist in two states at the same time, whereas a classical binary bit can only represent a single binary value, such as zero or one, meaning that it can only be in one of two possible states.

It’s a bit complicated, but the main thing to keep in mind is that calculations that would take millions of years to do with traditional computers could be done in minutes with quantum computer.

Scientists and companies alike have attempted to realise quantum computers for decades. However, real quantum computing has so far eluded them.

That fact has not prevented businesses and researchers from trying or investors from pouring millions into these ventures. They have been doing so for years.

That doesn’t mean that venture capitalists (VC) haven’t been cautious.

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In 2021, researchers at analysis firm GlobalData said investors were spreading their bets with minority investments in startups.

They reasoned that investors were wary to go all-in on a nascent and unproven technology such as quantum computers.

Take IBM’s Osprey quantum computer for example. Unveiled in November last year, it boasts a processor with 433 qubits. Although IBM currently leads in the gradual race to build a quantum computer – or more accurately: a noisy intermediate-scale one – a fully-fledged model requires a processor with millions of entangled, superimposed qubits.

This is likely to begin by 2027, according to soundings taken by GlobalData among quantum industry executives and corporates seriously readying themselves to deploy the technology when feasible.

While engineers attempt to overcome current technological limitations, investors have not abandoned the nascent industry. Many of the top venture capital deals of 2022 were committed to financing both core and non-core value chains.

Investors partly financed research into the technology expected further down the line, but also invested in the software, applications, and services that can be used with quantum computers that already exist.

This allows for the commercialisation of quantum while enabling businesses to realise the future potential in the industry.

With that in mind, let’s look at the 10 biggest metaverse deals of 2022.

Origin secured over $148m in Series B

Origin secured the biggest cash injection of the quantum computing industry in 2022. The Chinese based developer of quantum software, cloud and controlling hardware secured $148.2m in a Series B raise in July last year.

Government-backed Shenzhen Capital Group led the raise. CITIC Securities, China International Capital Corporation and Bank of China Group Investment also backed the round.

The third quarter deal follows the startup’s Series A raise of $15.45m in January 2021.

Their series B round will enable the startup to accelerate their Quantum computer solutions and compatible hardware and software systems.

IQM raised $130m to tackle the climate crisis

IQM secured the second biggest quantum computer deal in 2022 when it bagged a $130.59m Series A2 in July. The round followed from the Series A1 venture loan worth $46.26m it raised in November 2020. IQM claimed that the Series A2 deal was the largest ever funding round raised by a European quantum computer company.

The company’s valuation since the deal amounted to between $563m and $845m, according to

IQM seek to use this money to tackle the climate crisis by innovating in areas such as energy grid optimisation and climate modelling.

The European company counts Microsoft and Amazon as its competitors in the development of semiconducting quantum computers.

The World Fund led the raise. Other backers included Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma,, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi and Vsquared also participated in the funding round.

Coldquanta gained $110m to commercialise quantum

Coldquanta topped up its coffers with a $110m Series B round in November 2022. The startup will use the money to diverse its range of quantum products. Startup tracker estimates that Coldquanta achieved a valuation between $583m and $874m following the raise.

LCP Quantum led the round. Participants included In-Q-Tel, Sumitomo Corporation of America, Breakthrough Victoria, BOKA Group Holdings, Foundry Group, Global Frontier Investments and Maverick Ventures.

Xanadu closed $100m for photonic technology

Xanadu closed a $100m Series C funding round in November last year. The cash injection brought the company’s valuation to $1bn, making the quantum computing startup a full-fledged member of the unicorn club. Xanadu has raised $250m to date.

Georgian led the round. Other backers included Porsche SE, Forward Investments, Alumni Ventures, Pegasus tech Ventures, Silicon Valley Bank, Bessemer Venture Partners, Capricorn, BDC Capital and Tim Draper.

Xanadu seeks to build useful quantum computers that are available everywhere. Its photonic approach makes use of a range of industries like modern chip manufacturing facilities, the application of optical components developed by the pre-existing telecommunications industry and the use of fibre optics to network photonic chips together.

This networking gives Xanadu room for innovation through other industry technologies needed to reach and exceed one million qubits.

Silicon bagged over $90m in Series A

Silicon, an Australia-based private company attempting to build a commercial-scale quantum computer and bring quantum computing to market, bagged over $90m (AUS$130m) in its Series A funding.

The round follows Silicon’s AUS$83m seed capital raise in 2017. Investors in the 2017 seed round were UNSW Sydney, the Australian Commonwealth Government, the NSW Government, The Commonwealth Bank of Australia and Telstra Corporation Limited.

Silicon will use the Series A funds to further develop a 100-qubit quantum device and to unlock other market opportunities.

Atom secured $60m in series B

US quantum computer company Atom Computing secured $60m in a Series B funding round in January. Third Point Ventures led the raise. Prime Movers Lab, Innovation Endeavours, Venrock and Prelude Ventures also participated. estimates that Atom Computing’ valuation reached between $240m and $360m after the deal.

The deal follows Atom Computing unveiling its first 100-qubit quantum computing system with a 40-second coherence times.

With the investment, Atom plans to build their second-generation quantum computer systems and commercialise the technology.

Terra received $60m in Series A

Terra, the Switzerland-based quantum as a service company, received $60m in a Series A funding round in January 2022. Lakestar Advisors led the round, which also enjoyed participation from other investors.

Terra said it planned to use the funds to unlock commercial advantage for businesses today by investing in the research, acceleration and development of its technology.

In June 2022, Terra extended this Series A round to a total of $75m.

eleQtron bagged just under $50m in seed-funding

The Germany-based quantum computer company eleQtron bagged $49.58m in seed-funding in November 2022. Earlybird Venturesled the raise. Siegerlandfonds also participated in the round.

The company offers subscription-based access to its quantum computer services to optimisation problems and to solve tough questions in the fields of quantum chemistry and logistics.

Oxford Quantum Circuits raised $46m in a Series A round

Oxford Quantum Circuits secured $46.45m (£38m) in the first close of its Series A funding round in July 2022.

The business claimed the investment was the UK’s largest ever Series A in quantum computer venture. It would use the funds to accelerate its research, development and expand into the Asia-Pacific.

Investment firm Lansdowne Partners and venture capital fund the University of Tokyo Edge Capital Partners co-led the raise. British Patient Capital and existing investors Oxford Science Enterprises and Oxford Investment Consultants also participated.

Classiq Technologies secured $33m for business operations

Classiq Technologies, the Tel Aviv-based developer of quantum software, secured $33m in a Series B funding round in February.

Those investing in the company included Hewlett Packard Pathfinder, Phoenix, Spike Ventures, Samsung NEXT, Lip-Bu Tan, Harvey Jones, Wing VC, Team8, Entrée Capital, Sumitomo Corp., and OurCrowd.

Classiq Technologies expanded the raise to $49m in September 2022, adding Canadian-Israeli VC Awz Ventures to the raise.

GlobalData is the parent company of Verdict and its sister publication.