One of the Largest Quantum Software Rounds to Date, HPE’s Venture Arm, Phoenix, Spike, Samsung NEXT, and Chip Design Titans Lip-Bu Tan and Harvey Jones Join Existing Classiq Investors. Classiq, a company that develops a revolutionary platform for Quantum Algorithm Design, has revealed that its funding was raised to $33 million during Series B funding.
Quantum computing can help build wealth, increase efficiencies, and enhance health in a variety of ways, including carbon dioxide reduction to combat climate change, medication development, financial portfolio optimization, materials science advances, and optimal transportation flow and routing.
This round also included personal investments from Lip-Bu Tan and Harvey Jones, joining existing investors Wing VC, Team8, Entrée Capital, Sumitomo Corp. (through IN Venture), and OurCrowd. This new round brings Classiq’s total funding to $48 million in 20 months of existence.
Classiq plans to triple its size by increasing its workforce of world-class engineers and researchers, creating new offices throughout the world, and continuing to develop and file groundbreaking quantum algorithm design patents with the new cash. Leading global enterprises in a number of industries, including Classiq clients, will benefit from cutting-edge technology and even better developer support.
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.
Paul Glaser, vice president and head of Hewlett Packard Pathfinder
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.
Boaz Morris, investment manager at Phoenix
Harvey Jones is a former president and CEO of Synopsys and a member of the NVIDIA board of directors. Cadence Design Systems’ executive chairman and former president and CEO is Lip-Bu Tan. Cadence and Synopsys do for electronic design what Classiq does for quantum software design, so Tan and Jones understand the importance of Classiq’s value proposition.
Quantum computing has wide-ranging strategic economic and national security implications, both as a defensive measure as well as a way to gain leverage. But quantum computers are useless without the right software, and Classiq delivers a breakthrough in the way quantum software is developed.
ADM Michael Rogers, USN (RET), an operating partner for existing investor Team8
Organizations also require new software platforms that make it significantly easier for both quantum and non-quantum domain specialists to design quantum algorithms and combine them into scalable, enterprise-grade solutions in order to obtain a quantum advantage. Quantum computing may remain a research experiment without such platforms. Classiq helps quantum computing realize its full potential by allowing more people to participate in – and more people and organizations to benefit from – quantum efforts.
We welcome our new investors and are grateful for the continued support of our existing ones. Together, we are paving the fastest way towards quantum advantage and the only way beyond it.
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.
Nir Minerbi, co-founder and CEO at Classiq
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.
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.
Bob Sorensen, senior vice president of research at Hyperion Research
Quantum computing is a multibillion-dollar industry. Leading corporations, governments, and academic institutions are all investing in this area. Classiq is well-positioned to contribute to the “steady and sustained growth” that Hyperion expects for the quantum industry in the years ahead, thanks to its partnerships with key hardware, cloud, and service providers.
In the span of 20 months, Classiq has raised $48 million – including this new round, which is among the largest investments for a quantum software company ever, assembled a world-class team, and built a market-leading product that is now used by some of the premier companies in the world, we look forward to what’s next.
Nir Minerbi, co-founder and CEO at Classiq
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