The Bloomberg Beta-backed quantum computing system developer said it raised the cash late last year, boosting its total funding to $119m.

Rigetti Computing, the US-based quantum computer developer backed by media company Bloomberg, raised $50m from undisclosed investors in late 2017, Bloomberg reported on Tuesday.

Founded in 2013, Rigetti is working on a quantum computer – a type of system that processes data using individual photons instead of the binary digit-based system utilised by traditional systems – that will have 128 qubits, making it more powerful than rival systems built by Google and IBM.

The computer is expected to utilise a…