QC ware, a quantum software, and services company that has its main focus on developing applications for quantum computing hardware had launched a series B funding round where it raised $25 million which it intends to use in accelerating near term quantum hardware development and to expand the QC ware team of quantum algorithm and computing experts.
The round of funding was co-led by Koch disruptive technology, a sub-division of Koch industries, and Covestro, one of the leading polymer companies in the world. Other participants include Samsung Ventures, Citi, D.E Shaw group, and Pegasus Tech Ventures.
According to the CEO of QC ware, the company has witnessed impressive growth in revenue due to massive patronage by big organizations in the world in a bid to explore quantum computing algorithms to solve challenges and gain a competitive advantage.
The chairman disclosed that the company intends to use the new investment to further push the goal of developing near-term quantum hardware by accelerating the development of Forge. Forge, was built to provide data scientists and quantum engineers with fine-tuned turnkey quantum algorithms for practical industry problems.
The head of group innovation, Covestro also added that one of the key objectives of Covestor is fostering new digital technologies that increase computing power and also drive sustainable products for their clients. He also concluded that their investment in QC ware is an effort to further collaborate with the QC ware team to develop quantum computing applications for future developments.
The Director at Koch Disruptive technologies, Navin Maharaj also said that quantum computing is a tool that can disrupt activities in industries in ways that only seemed impossible in the past. He further added that they are excited to partner with QC ware to accelerate the company’s growth by delivering innovative quantum applications to customers.
Sandeep Arora, the ICG head of digital and Chief Investment Officer at Citi also expressed excitement as they look forward to partner with QC ware in exploring quantum computing.
Also, Samsung’s collaboration with QC ware aligns with the company’s focus on developing emerging technologies that have great potentials to drive growth in the future.
Conclusively, the CEO of Koch disruptive technologies and the Chief Investment Officer at Citi are set to join the board of directors at QC ware.