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.
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.
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.
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.