- Zapata Computing Inc. has recently secured new funding.
- The company raised approximately $4.8 million as part of a larger planned fundraising round aimed at raising $20 million.
- The funding round was disclosed in a Form D dated July 7.
Boston-based quantum computing startup, Zapata Computing Inc., has recently secured new funding, the Boston Business Journal is reporting. According to federal filings, the company raised approximately $4.8 million as part of a larger planned fundraising round aimed at brining in $20 million.
The funding round was disclosed in a Form D dated July 7. A form D is a filing with the Securities and Exchange Commission (SEC) that allows companies to offer stock to finance their businesses without going through the IPO process. Form D is also known as the Notice of Sale of Securities.
A total of seven investors contributed to the offering of debt and other securities, the journal states.
Zapata Computing emerged as a spin-off from Harvard University in 2017, founded by a group of researchers aiming to harness the untapped potential of quantum computing. Since its inception, the company has been at the forefront of quantum computing research, developing cutting-edge solutions for the development of the quantum computing industry.
In November 2020, the company raised $38 million for its Series A funding round, which included investors Pillar VC, The Engine, Comcast Ventures, Pitango and Prelude Ventures.
Zapata is focused on creating useful quantum computing through Orquestra, a hybrid software that can connect both quantum and classical computing devices. Zapata expects this produce to impact a variety of industries. The company has worked with an array of industry leaders in exploring quantum use cases, including partnering with KAUST to use quantum to design more fuel efficient vehicles and working with Andretti Motorsports on analytics infrastructure.
Christopher Savoie, CEO and co-founder of Zapata Computing told The Quantum Insider in 2022: “We’re a real software company that has real revenues and are doing real deployments and real work.”
Recently, recognizing the transformative power of generative AI models, Zapata Computing began to position itself as a leader in producing Generative AI solutions for industry. Generative AI is a subfield of artificial intelligence that involves training models to create new content, such as images, videos, and text, rather than just recognizing existing patterns.
The Boston Business Journal points out that Zapata has a pioneering legacy in generative AI development. Savoie is the original inventor of AAOSA, the A.I.-based natural language interface technology used to develop Apple’s Siri.