2022-08-04 | NDAQ:RGTI | Press release

Rigetti will lead a team that includes Sydney University of Technology, Aalto University and the University of Southern California

BERKELEY, Calif., Aug. 04, 2022 (GLOBE NEWSWIRE) — A subsidiary of Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “” Company), a pioneer in full-stack quantum computing, has been selected by the Defense Advanced Research Projects Agency (DARPA) to develop benchmarks for the performance of quantum applications on large-scale quantum computers. The program is worth up to $2.9 million over three years based on the achievement of certain milestones. Sydney University of Technology, Aalto University and University of Southern California are joining Rigetti on this project.

One of the main challenges in planning fault-tolerant quantum computers is the ability to predict their performance on target applications. Establishing rigorous, universal benchmarks could allow more accurate estimates of how fault-tolerant quantum computers might perform in the future. This program aims to produce a more detailed understanding of how errors occur at the qubit level, the impact of these errors on the performance of target applications, and to provide an accurate estimate of how hardware and software quantum systems must evolve to reach critical performance thresholds.

“We are proud to have been selected to implement this essential program to advance quantum computing capabilities and benchmarks,” said Chad Rigetti, founder and CEO of Rigetti Computing. “Rigetti continues to pioneer advancements not only in quantum processor technology, but also in applications and benchmarks. This award is testament to our comprehensive R&D capabilities and rigorous focus on delivering application performance. We believe that having a set of industry-accepted application benchmarks will help mature the quantum computing ecosystem and inform our technology roadmap.”

“I look forward to evaluating the impact of detailed models of superconducting qubits on the overall resources needed to create logic qubits,” said Daniel Lidar, Viterbi Professor of Engineering at the University of Southern California. “Most of the existing work deals with somewhat simplified assumptions about qubit errors, and here we hope to improve the state of the art by building more faithful models of qubits and their environment.”

“This is an extraordinary level of collaboration in quantum software,”” said Yuval Sanders, a researcher at the Center for Quantum Software and Information at the University of Technology Sydney. automated software for quantum performance analysis that has ever existed. This will undoubtedly accelerate the field even further.”

This award is part of DARPA’s Quantum Benchmarking Program. The goal of the program is to reinvent key metrics in quantum computing, make those metrics testable, and estimate the quantum and classical resources needed to achieve the critical performance thresholds. The three-year project consists of two phases. Rigetti was awarded phase 1, and the program includes an option for DARPA to award a second phase, ending in February 2024.

About Rigetti Computing

Rigetti is a pioneer in full-stack quantum computing. The company has been operating quantum computing in the cloud since 2017 and serves global enterprises, governments and research customers through its Rigetti Quantum Cloud Services platform. The company’s proprietary quantum classical infrastructure provides ultra-low latency integration with public and private clouds for high-performance practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Rigetti was founded in 2013 by Chad Rigetti and today employs over 160 people with offices in the US, UK and Australia. Learn more about www.rigetti.com.

Caution Regarding Forward-Looking Statements

Certain statements contained in this communication may be considered forward-looking statements, including, but not limited to, milestone achievement and milestone payments; an option for phase 2 of the DARPA project; the goals and objectives of the DARPA project, including benchmarks, measures, thresholds, estimates and models and their potential impact; the ability of the DARPA program to advance quantum computing capabilities and benchmarks; expectation of a set of industry-accepted application benchmarks that will help mature the [quantum-computing] the ecosystem and inform the company’s technology roadmap; future performance of quantum computers; and other statements that are not historical facts. Forward-looking statements generally relate to future events and can be identified by terminology such as “pro forma,” “may,” “should,” “could,” “could,” “plan,” “possible,” “project ,” “strive,” “goal,” “goal,” “budget,” “forecast,” “expect,” “intention,” “will,” “estimate,” “anticipate,” “believe,” “predict ,” “potential,” “continue,” “anticipate” or “continue,” or the negatives of these terms or their variations or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.These forward-looking statements are based on estimates and assumptions which, although believed to be reasonable by Rigetti and its management, are inherently uncertain. factors that may cause a significant discrepancy between the actual results and current expectations include, but are not limited to: Rigetti’s ability to achieve milestones, particularly with respect to the DARPA project, technological advancements, particularly with respect to its roadmap, are helping to unlock quantum computing, and developing practical applications; the potential of quantum computing; the success of Rigetti’s partnerships and collaborations, including the success of the DARPA project and market acceptance of any resulting benchmarks, metrics, estimates, models or potential thresholds; Rigetti’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be brought against Rigetti or others relating to its business combination with Supernova Partners Acquisition Company II, Ltd. (the “Business Combination””) or other matters; the ability to meet stock exchange listing standards; the risk that the business combination will disrupt Rigetti’s current plans and operations; the ability to recognize the expected benefits of the business combination, which may be affected by, among other things, competition, Rigetti’s ability to grow and manage growth profitably, to maintain customer and supplier relationships and retain its management and key employees; costs associated with the business combination and operating as a public company; changes in applicable laws or regulations; the possibility that Rigetti will be adversely affected by other economic, business or competitive factors; Estimates of expenses and profitability of Rigetti; changes in the markets in which Rigetti competes; Rigetti’s ability to execute its technology roadmap; Rigetti’s ability to execute its strategic initiatives, expansion plans and continue to innovate its existing services; the impact of the COVID-19 pandemic on Rigetti’s business; the intended use of the proceeds of the business combination; the adequacy of Rigetti’s cash resources; adverse conditions in Rigetti’s industry, global economy or global supply chain, including fluctuations in financial and credit markets, inflation, increased costs, international trade relations, political unrest , natural disasters, war (such as the ongoing military conflict between Russia and Ukraine and related sanctions against Russia) and terrorist attacks; and other risks and uncertainties set forth in the section titled “Risk Factors” and “Caution Regarding Forward-Looking Statements” in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC” CloseCurlyDoubleQuote;) for the quarter ended March 31, 2022, and other documents filed by the Company from time to time with the SEC.These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and the Company undertakes no obligation and does not intend to update or to revise these forward-looking statements other than as required by applicable law.The Company does not guarantee that it will achieve its expectations.

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