Samsung Electronics has recently invested in quantum computing technology which can compute thousands of times faster than supercomputers. Quantum computing is a computational technology that processes data using quantum-mechanical phenomena such as "entanglement" and "superposition." IBM, Intel, Google, and Microsoft are also focusing on R&D on quantum computing.
Samsung's in-house venture capital, Samsung Catalyst Fund, recently made an investment in IonQ, a quantum computing company, industry sources said on Oct. 23.
Samsung led a new US$55 million funding round for IonQ, where Mubadala Capital, Amazon, Hewlett-Packard Pathfinder, Airbus Ventures, ACME Capital, and A&E Investment also participated. Samsung's investment amount was not disclosed. IonQ has secured a total of US$77 million in financing and plans to invest in technology development for the commercialization of quantum computers.
According to a U.S. Environmental Protection Agency (EPA) report, the market for quantum computing is expected to reach US$8.45 billion by 2024.