Entropica Labs Lands $1.8 Million in Venture Funding
Entropica Labs, a quantum computing software startup, has raised $1.8 million (Or about $2.6 million Singapore) in a seed funding round led by Elev8, a VC firm focused on deep-tech opportunities, according to a company statement.
The startup said it plans to use the new funds primarily to expand its technical team and further develop its proprietary software architectures.
The team wrote in its Medium blog: “While experience has led us to shift our application focus from our original ideas, our mission has never changed: Doing the best with quantum computers, today. We recognise it is a privilege to study, understand, and use the most advanced quantum processors available. We are now expanding our capabilities and software technology while growing Entropica’s core team in sunny Singapore, a booming hotspot for quantum technologies research and one of the world’s most captivating cities.”
The Singapore-based company develops software tools, methods, and models to lay the groundwork for bringing quantum computing into the mainstream. It currently focuses on quantum optimization and machine learning technology to help enterprise customers better understand and implement quantum computing.
Other participating investors include SGInnovate, Wavemaker Partners, Lim Teck Lee Group, Japanese software firm TIS Inc, V1 Capital, and Entrepreneur First, according to a statement.
It was spun out of Singapore’s Center for Quantum Technologies at the National University of Singapore,
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Matt Swayne
With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses.
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MENTIONED IN THE ARTICLE
SGInnovate
SGInnovate functions as the venture capital division of the Infocomm Development Authority, with a primary objective of making investments in startups operating within fields such as artificial intelligence, medtech (medical technology), quantum computing, cybersecurity, transportation, advanced manufacturing, agrifood, and deep technology.
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Wavemaker Partners
Wavemaker Group is a cross-border venture capital firm founded in 2003 and one of the most active early-stage investors across multiple funds.
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National University of Singapore
The National University of Singapore (NUS) is a prominent national public university and research institution in Singapore. Established in 1905 as the Straits Settlements and Federated Malay States Government Medical School, NUS holds the distinction of being the country's oldest independent university.
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