QIA Leads US$104 Million Series B Round For Alice & Bob

Future French Champions (FFC), a partnership between the sovereign wealth fund of Qatar, Qatar Investment Authority (QIA), and the French national investment bank Bpifrance, has led a EUR100 million (US$104.14 million) Series B funding round for Alice & Bob, a Paris-based quantum computing company pioneering fault-tolerant technology.

The round also saw participation from the global venture capital firm AVP (AXA Venture Partners), the European Innovation Council (EIC), and returning Series A investors Elaia Partners, Breega, Supernova Invest, and Bpifrance. 

Alice & Bob, founded in 2020 by Théau Peronnin and Raphael Lescanne, specializes in cat qubits, a technology designed to suppress bit-flip errors, a major obstacle in quantum computing. The company aims to develop the first universal fault-tolerant quantum computer and has demonstrated experimental results surpassing those of major tech firms such as Google and US-based computer manufacturer IBM. 

The new funding will support the enhancement of Alice & Bob’s system, improvements in error correction, and the development of its first error-corrected logical qubit. Nearly half of the investment will go toward building a state-of-the-art lab and production facility, while additional funds will be used to expand the company’s workforce, which has doubled in the past year. 

QIA was established in 2005 to manage Qatar’s reserves. Through FFC, it invests in high-potential French companies, contributing to innovation and economic growth. 

Antoine Emmanuelli, president of FFC, said in a statement, “In investing in Alice & Bob, Future French Champions recognizes the company as a French leader in quantum computing. We are eager to see Alice & Bob achieve fault-tolerant quantum computing in this highly competitive, evolving field using unique and innovative technology to make France a champion in quantum tech.” 

Peronnin, co-founder and CEO of Alice & Bob, added, “Having established performance records with our cat qubits, Alice & Bob now enters a new phase focused on building a quantum computer that can deliver valuable results. Cat qubits are unique, as they make scaling quantum computers practical: where conventional approaches would require millions of qubits, we would need only thousands.” 

Pictured on image: Alice & Bob founders Théau Peronnin and Raphael Lescanne. Image courtesy Alice & Bob.