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Some venture capitalists are willing to believe that quantum computing will soon break through, that is, to build a viable universal quantum computer within the next five to ten years. However, other investors believe that it is advisable to pay for the money first, and then wait until the technology has made some progress before the other companies will “take over.” There are also many people who hope that scientists can find a relatively small, not too comprehensive quantum computer application scenario, which will quickly boost people’s confidence in quantum computing. These use cases may be limited to solving specific problems, such as simulating reactions in quantum chemistry or optimizing financial models. Its performance may not be comparable to a classic computer with unlimited computing resources, but it is still enough to create the actual product that can be sold.

The National Institute of Science, Engineering and Medicine warned in a December 2018 report that if these early quantum computers could not find a profitable direction as soon as possible, then they are likely to face investment stagnation. “Death Valley” dilemma. Some researchers are even worried that quantum computing will encounter a quagmire that is similar to the “artificial intelligence winter”, which has rapidly declined after the surge. Finke said that there is alreadyThere are signs that it is increasingly difficult for US companies to obtain private investment. He explained that up to 70% of the investment recorded this year came from abroad. Christian Weedbrook, founder of Xanadu, a Toronto-based quantum computing company, also believes that “the value of quantum computing is indeed quite a lot. The current problem is that the level of speculation may be much higher than the true value.”

Xanadu’s room temperature quantum chip, based on Light beams (photons) carry information to develop quantum bits.

Qubit Bit Battle

Quantum technology has changed our daily lives. Computers, mobile phones, medical imaging, lasers, and even superconductors all originated from the science of someone born in the early twentieth century. The physicists at the time solved the inner workings of the atom through quantum mechanics. However, today’s quantum technology is no doubt going faster and farther in manipulating and exploiting this fragile law of quantum activity. The superposition state is the representative of it. The phenomenon that such particles seem to be in multiple superposition states before being actually observed has been accepted, and the description of quantum entanglement has various properties of quantum systems (such as the spin of particles). Polarization) is really combined.

The resulting quantum technology includes unbreakable encryption mechanisms, extremely sensitive detection devices, and new imaging formats. If scientists can really turn this into reality, then the most important game-changer of general-purpose quantum computers will no longer be a dream. Through the entanglement properties of quantum bit sets, general-purpose quantum computers will be able to perform computational tasks such as database searches and achieve large-scale factorization at much higher speeds than traditional computers. Monroe said: “Unless we build a quantum computer, such problems will never be solved quickly.”

To analyze business transactions in this area, Nature has cross-referenced information from quantum start-ups from various market research websites and consulting reports, as well as surveys provided by PitchBook, a market research firm in Seattle, Washington. data.

From the results, companies that focus on developing physical quantum bits (that is, quantum computing hardware) account for the largest share of venture capital. Schoelkopf’s company uses a very fine superconducting ring to cool the qubits to near absolute zero. In fact, superconducting qubits are the most in-depth research direction in the field of quantum computing hardware. The technology giants such as Google and IBM are also taking this path. (The investment inside large technology companies may also be very impressive, but since it is not publicly disclosed, we cannot analyze it.Be explained. Google’s largest quantum computer currently has 72 qubits, but a general-purpose quantum computer requires about 1 million qubits. Monroe’s company chose another promising technology: building a magnetic field to capture cesium ions, and then using a laser to read the information carried on the ions.

Other companies focus on developing other hardware that is still in the early stages of research and are committed to making it easier to achieve mass production. Quantonation is a Paris-based venture capital fund established in 2018 to focus on investing in “deep physics” startups. Christophe Jurczak, founder and managing partner of the fund, said that research in this area is getting more and more attention from investors. Since 2017, companies that have developed quantum-based hardware based on photonics and silicon have received tens of millions of dollars in venture capital.

PsiQuatum, from Palo Alto, Calif., is committed to bringing out research and development beyond competitors, and plans to build the first computer with millions of qubits in about eight years. In order to achieve this breakthrough, they chose an unusual design idea to generate quantum bits using photons etched into the grooves of the silicon chip. According to Jeremy O’Brien, CEO of the company, the advantage of this approach is that existing semiconductor manufacturers are sufficient to produce chips capable of carrying these qubits. O’Brien worked at the University of Bristol in the UK and was involved in the creation of the company in 2016. Although many scholars have expressed doubts about the company’s claims, O’Brien’ pointed out that they are a few quantum technology companies that have received huge investments and currently have about 100 employees. Although the company did not announce the specific amount, it should have raised a number of dollars in the dollar.

Quantum software has also become a major focus of private investment. From 2012 to the end of 2018, a total of 20 companies raised more than $110 million through 28 transactions. These companies are designing algorithms that solve real-world problems, such as optimizing supply chain logistics design or simulating molecular activities for drug development, and hope to develop software solutions that can actually run on early quantum computers. The funds for developing software often come from “strategic” venture capital companies, which usually have a strong parent group background behind them. Matt Johnson, co-founder and CEO of Palo Alto’s quantum software vendor QC Ware (financing $6.5 million in 2018), points out that startups use the money they raise to drive technology development and generate real profits. But he also admits that because of the limited profits, quantum software is still difficult to attract the attention of investors who are concerned about earnings.

This is currentlyThere are several software start-ups that have received tens of millions of dollars in financing – including Zapata Computing from Cambridge, Massachusetts, 1Qbit from Vancouver, Canada, and Cambridge Quantum Computing in the UK. Yianni Gamvros, head of business development at QC Ware, said that although quantum algorithms have not really benefited people, investors already have money to support them. The company has signed cooperation agreements in various fields such as aerospace and is expected to provide new computing support in the coming decades. In the financial sector, a small advantage can bring huge benefits. He said the company is developing an algorithm that hopes to help these industries solve the biggest bottlenecks they face today on early quantum computers. In fact, many companies are still more concerned about the impact of AI technology on their business. Gamvros pointed out: “Compared with AI investment, the financial needs of quantum computing are actually very small, but the potential is huge.”

Calculation is not the only direction in which quantum technology can attract funding. Qnami, a Swiss startup based in Basel, received $130,000 in 2018 to develop a quantum magnetic microscope capable of capturing individual electrons in synthetic diamonds. At present, there are at least three companies like them that can raise a small amount of private funds for imaging or sensing technology exploration.

In addition, the amount of financing related to communication, one of the most popular directions in the quantum field, is difficult to quantify. In principle, quantum communication uses entangled photons to create encryption keys that fully secure data transmission. A total of 13 companies engaged in secure quantum communications have disclosed a total of 27 financing transactions, but only about half of them have disclosed the amount of financing. Leaders in this field are Keda Guodun Quantum Technology Co., Ltd. located in Hefei, Anhui Province, China, and Tianquan Quantum Technology Co., Ltd., located in Wuhu City, Anhui Province, but neither has disclosed specific financing figures.

In Switzerland, ID QUantique from Geneva installed its first short-range system for quantum cryptography of ballot information in regional elections in 2007. Now, Chinese engineers are pushing quantum communications to the world to expand the initial 2000 km quantum transmission link installed in 2014. In addition, with the successful launch of the Mozi satellite in 2016, the quantum satellite network was established. If quantum computers can crack the most powerful traditional encryption technology, then future quantum encryption may become the only secure communication solution.

Geographic distribution of quantum investment

North America has long been the world’s largest market for venture capital investment, and Nature’s analysis shows that it still maintains this dominant advantage. However, prosperity is no longerOnly the Silicon Valley area. Led by quantum computing pioneer D-Wave Systems, Canadian quantum-related companies attracted $243 million in investment, and D-Wave Systems alone raised $177 million. According to Jurczak, the resulting ecosystem has been established to support the Quantum-related technology companies around Waterloo and the Toronto Academic Center. With public and philanthropic investments, considerable tax incentives, and support for incubators, these companies have achieved good growth. Xanadu’s Weedbrook pointed out: “Here, quantum technology companies have gained good resonance and communication channels. In addition, the strict control of immigration in the United States has made Canada a good choice for talented quantum physicists. We see talents being Flowing to Canada, this is undoubtedly good news for us.”

In Nature, the biggest gap in the analysis is the lack of investment information from China. English-language media and Western analysts rarely publish China-related financing transactions because such transactions often involve state-backed venture capital firms, and financing details are rarely publicly announced. Of the data currently collected, only one in ten Chinese companies disclose the specific amount in their financing transactions. Pan Jianwei, a quantum physicist at the University of Science and Technology of China in Hefei, said that China has made good progress in the commercialization of various quantum technologies. HKUST Guodun Quantum Technology Co., Ltd. is the company that he derived from the laboratory results in 2009.

Patents are another major sign of the rapid development of China’s quantum technology. According to data collected by the European Commission Joint Research Centre in Ispra, Italy, more than 43% of all patented quantum technology innovations came from Chinese companies and universities between 2012 and 2017. Strong>. Celia Merzbacher, deputy director of the American Quantum Economic Development Alliance in Arlington, Va., points out that China has “always been radical in patent applications, especially in communications-related areas.”