GV, the corporate venturing unit of diversified conglomerate Alphabet, has co-led a $20m series B round for quantum computing startup IonQ.

The round was co-led with venture capital firm New Enterprise Associates (NEA) and included undisclosed strategic investors. It followed $2m in funding from NEA in 2016.

Founded in 2015, IonQ is developing a quantum computer that utilises trapped ion technology, which cools and isolates individual ions with lasers, as opposed to other approaches which focus on developing superconducting qubits.

IonQ’s work is based on research conducted by co-founders Chris Monroe and Jungsang Kim at University of Maryland and Duke University respectively.

GV general partner Blake Byers has joined the company’s board of directors.

Byers said: “Quantum computers are the next giant leap in the ability to process information, and IonQ’s promising approach builds on nearly two decades of research by highly regarded physicists and engineers in the field.

“Quantum computers have the potential to solve data-intensive problems in areas like healthcare, machine learning and cryptography, and we are excited to partner with IonQ as it accelerates development.”

– A version of this article first appeared on our sister site Global Corporate Venturing.

GV, the corporate venturing unit formerly known as Google Ventures, co-led a $20m series B round for quantum computing startup IonQ on Wednesday.

The round was co-led with venture capital firm New Enterprise Associates (NEA) and included undisclosed strategic investors. It followed $2m in funding from NEA in 2016.

Founded in 2015, IonQ is developing a quantum computer that utilises trapped ion technology, which cools and isolates individual ions with lasers, as opposed to other approaches which focus on developing superconducting qubits.

IonQ’s work is based on research conducted by co-founders Chris Monroe and Jungsang Kim at University of Maryland and Duke University respectively. GV general partner Blake Byers has joined the company’s board of directors.

Byers said: “Quantum computers are the next giant leap in the ability to process information, and IonQ’s promising approach builds on nearly two decades of research by highly regarded physicists and engineers in the field.

“Quantum computers have the potential to solve data-intensive problems in areas like healthcare, machine learning and cryptography, and we are excited to partner with IonQ as it accelerates development.”