Rigetti Computing Acquires QxBranch, and Envelop Risk Spins Out
Fourteen months ago, DAV closed an investment into QxBranch, making our tiny contribution towards unlocking the potential benefits of quantum computing for the world. Our rationale at that time was that while large amounts of capital had poured into the development of quantum computing hardware, quantum computing software was severely underfunded – and the global pool of talent in that space was extremely small. That thesis bore out last week when Rigetti Computing, one of the world’s leading independent quantum computing hardware company and a pioneer in hybrid classical-quantum systems, acquired QxBranch to create a full-stack powerhouse. We want to thank Michael Brett (QxBranch CEO and co-founder) and the team for the privilege of working with them over the last fourteen months. It’s been a pleasure, and we look forward to seeing QxBranch and Rigetti build great products together.
QxBranch’s subsidiary, Envelop Risk Analytics, is now an independent company within DAV’s portfolio. Using AI-enabled modelling and simulation tools, Envelop specializes in dynamically pricing cyber insurance and reinsurance risk. As QxBranch shareholders, we’ve watched as Envelop has grown into a market-leading cyber risk underwriting platform, and we’re excited to be part of the next steps of Envelop’s journey.
Read more about the transaction here.