Classiq, enabling the development of world-changing quantum algorithms and applications, today announced that it secured $14.5 million in funding, according to a company statement. The $10.5 million Series A financing round was led by Team8 and Wing Venture Capital, with additional participation from Entrée Capital, OurCrowd and IN Venture, the corporate venture arm of Sumitomo Corporation in Israel, and follows a $4 million seed financing round from Entrée Capital.
With just a month into 2021, based on data from The Quantum Insider, there has been a little more than $60 million invested so far.
Quantum computing is expected to make huge leaps forward in the coming years. Companies such as IBM, Google, Intel and Amazon, among others, are already developing quantum computing technology and seeing amazing progress, with the goal of solving complex problems in science, medicine, machine learning and more.
However, the quantum computing stack is still in its infancy, which makes quantum algorithm development an almost impossible task. Today, there are only a handful of algorithms in existence. Quantum computing hardware is advancing quickly, but there are still major challenges with the acceleration of software due to the absence of abstraction, the most fundamental element in software development.
Classiq solves the bottleneck in quantum software development by creating a radically new way to design quantum algorithms. It is the first company to develop the crucial tool to automatically translate human-defined concepts into valid quantum circuits, providing the fundamental elements needed to produce quantum algorithms.
“The world is at the precipice of a technology that will advance entire industries, and we are excited to be playing a crucial role in its development,” said Nir Minerbi, CEO and Co-founder of Classiq. “We’ve reached a point where quantum computing is no longer just a dream. Every quantum algorithm truly is a revolution, and we intend to drive forward the ultimate goal of quantum algorithm expansion.”
“We are thrilled to be working with Classiq, assisting the team in achieving their goals of advancing the quantum computing industry,” said Sarit Firon, Managing Partner at Team8 Capital, the investment arm of Team8 Group. “As the quantum era takes off, they have managed to solve the missing piece in the quantum computing puzzle, which will enable game-changing quantum algorithms. We look forward to seeing the industry grow, and witnessing how Classiq continues to mark its place as a leader in the industry.”
For more market insights, check out our latest quantum computing news here.
