In a sign that we are all moving from quantum exploration to quantum production – and that quantum software development is an important ingredient in gaining quantum advantage – Classiq, which offers a platform for Quantum Algorithm Design, announced that it has secured $33 million in a Series B round.
Hewlett Packard Pathfinder, the VC program of Hewlett Packard Enterprise (HPE); Phoenix, a $60-billion insurance firm, Spike Ventures, a Stanford alumni investor group; and Samsung NEXT, the investment division of Samsung are new investors in the firm.
As noted in an update shared with CI, this investment round also included investments from Lip-Bu Tan and Harvey Jones, joining existing investors Wing VC, Team8, Entrée Capital, Sumitomo Corp. (via IN Venture) and OurCrowd. This new round “brings Classiq’s total funding to $48 million in 20 months of existence.”
Nir Minerbi, co-founder and CEO at Classiq stated:
“This new funding comes at a pivotal time. The quantum industry is now moving from consulting services to quantum products and from prototyping to production. With this funding, we will expand upon our work to become the platform on which forward-thinking organizations develop game-changing quantum software that makes the impossible possible.”
Classiq will use the proceeds to “quadruple the size of the company – by expanding its team of world-class engineers and researchers, opening new offices around the globe, and continuing to develop and file revolutionary quantum algorithm design patents.”
The announcement further revealed that Classiq customers, leading international firms in a variety of industries, will “benefit from cutting-edge products and even better developer support.”
Paul Glaser, vice president and head of Hewlett Packard Pathfinder, remarked:
“We were impressed by Classiq’s novel synthesis engine that automates the creation of quantum circuits and leads to significantly lower barriers of entry for quantum computing. We are proud to join this investment round for Classiq, a true pioneer in the quantum software development arena.”
Boaz Morris, investment manager at Phoenix, said:
“While quantum hardware has made impressive progress, the software used to operate these advanced computers remains woefully inadequate. Classiq’s hardware-agnostic platform enables enterprises to develop sophisticated quantum software faster and better than any other method. We are thrilled to partner with the world-class team at Classiq as they continue to execute on their vision and become the leader in the quantum software stack.”
Bob Sorensen, SVP of research at Hyperion Research, noted:
“The Classiq approach of using functional models to abstract the complexity of quantum computing is a very promising way to deliver first-mover advantages to companies and their stakeholders.”
“Quantum computing is considered by many current and aspiring QC end users as critical to their overall innovative capabilities as well as being a strong enabler of competitive advantage. But there is an acute need for software that brings to life the scale and capabilities of quantum machines,”