WASHINGTON — A U.S.-based Russian physicist-turned-venture capitalist has raised $40 million to invest in the development of cutting-edge quantum computing technology, a website specializing in entrepreneurial business news has reported.
Serguei Kouzmine, founder of Quantum Wave Fund investment capital firm, plans to raise $100 million in the current investment round and has already invested $7 million in three companies developing quantum data processing technology, according to Upstart Business Journal.
Kouzmine's firm states on its website that it is "focused on seeking out early-stage private companies with breakthrough quantum technology." It says it has no geographical or industrial limits on where it invests.
Quantum computing applies quantum mechanical principles that harness the power of atoms and molecules to processing data.