Alice & Bob — Superconducting Qubits · fobi

Alice & Bob

Alice & Bob develops cat qubits, a novel superconducting architecture designed to reduce error correction overhead. Alice & Bob raised €30M in Series A funding in 2023 and partners with Thales and Atos. The company is part of France's national quantum strategy.

The company's cat qubit design claims to suppress bit-flip errors by orders of magnitude, potentially accelerating the path to fault tolerance.

alice-bob.com Superconducting Qubits

Franceprivate

At a glance

Total raised

$138.2M

last round series b

Headcount

201-500

approximate · public range

Headquarters

Paris

France

Founded

2020

6 years active

Status

Private

Superconducting Qubits

Subsector

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Date	Stage	Amount	Valuation	Lead investors
Jan 28, 2025	Series B	$104.9M	—	Future French Champions, AVP, Bpifrance
Mar 9, 2022	Series A	$30M	—	Elaia, Bpifrance, Supernova Invest

AI bull / bear

Bull case

Alice & Bob's cat qubit architecture is one of the most promising paths to fault-tolerant quantum computing because it directly attacks the root cause of error correction overhead: bit-flip errors. By suppressing these errors by orders of magnitude, the company claims it can reduce the physical qubit overhead per logical qubit by a factor of 10-60 compared to standard superconducting approaches. This is not just a paper claim -- the company has secured €30M in Series A funding and operates as a cornerstone of France's national quantum strategy, giving it both capital and institutional backing. Its partnerships with Thales and Atos signal that defense-grade and HPC end-users are already engaged. The recent $3.9M ARPA-E award, in collaboration with Los Alamos and GE Vernova, demonstrates that the U.S. government sees practical value in Alice & Bob's approach for materials discovery. If cat qubits deliver on their error-suppression promise, Alice & Bob leapfrogs traditional superconducting qubit roadmaps and becomes the architecture of choice for the fault-tolerant era.

Bear case

Cat qubits solve one class of error (bit-flips) by engineering a biased noise channel, but phase-flip errors remain. The company's path to logical qubits still requires concatenated or surface codes to handle the residual phase errors, which could reintroduce much of the overhead cat qubits were supposed to eliminate. No independent benchmark has yet demonstrated that cat qubits outperform standard transmons at scale -- the 10-60x overhead reduction claim is theoretical and has not been validated on a multi-qubit system. Meanwhile, Google, IBM, and Rigetti continue to scale their transmon architectures with steady fidelity gains, and competitors like Quantinuum and QuEra are advancing trapped-ion and neutral-atom approaches with different error profiles. Alice & Bob also faces execution risk: €30M in Series A is modest relative to the capital required to build a full-stack quantum computer. If the physical implementation of cat qubits proves harder at scale than simulations suggest, the company may burn through runway before delivering a commercially relevant system.

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Alice & Bob

At a glance

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Funding history

How they make money

Founder backgrounds

Théau Peronnin

Raphaël Lescanne

AI bull / bear

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Leadership

Products

Boson Cat Qubit Chips

Helium Logical Qubit Processor

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