Quanscient Secures €3.9M in Funding to Drive Advancements in Quantum Computing-Powered Simulations

Quanscient Secures €3.9M In Funding To Drive Advancements In Quantum Computing-Powered Simulations

Quanscient, a Finland-based Quantum Tech company has announced its emergence onto the global stage as the first provider of cloud and quantum computing-powered multiphysics simulation technology. Since its founding in 2021, Quanscient has been dedicated to revolutionizing the R&D processes of innovating companies by offering fully digital solutions that leverage its unique combination of native multiphysics algorithms, advanced cloud computing, and the promise of future quantum integration.

Just recently, Quanscient announced its successful Seed financing round, which has raised a total of 3.9 million euros in funding, led by Maki.vc. This major investment is a testament to the immense potential of Quanscient’s cutting-edge technology and its ability to transform the way we approach product development.

Quanscient, established in 2021, aims to revolutionize the simulation platform industry. The founders, led by the company’s CTO Dr. Alexandre Halbach, recognized the limitations of existing simulation platforms and decided to create a new, performant, and modern set of algorithms to address these issues.

Transforming Product Development with Quanscient’s Cloud-based Simulation Technology

Quanscient’s cloud-based simulation technology offers a game-changing solution that accelerates the pace of product development and expedites the process of bringing products to market. By providing better simulations, Quanscient enables companies to optimize their products for greater energy efficiency and sustainability, ultimately saving time and costs in the process.

“With the help of our technology, innovation and product development become more efficient, and products are brought to market faster. For example, simulating superconductors, that are crucial for fusion energy, MRI devices, and high-tech components, is extremely complex. With the existing solutions, it can take up to a month to run a superconductor simulation to provide feedback for product development. Quanscient can do this in a few hours.”

Quanscient co-founder and CEO Juha Riippi.

In addition to its cloud computing simulation capabilities, Quanscient is actively engaged in developing quantum computing algorithms, which promise to accelerate the simulation process even further. This cutting-edge technology has already been successfully piloted with some of the world’s leading companies, including Intel.

By leveraging the power of quantum simulations, Quanscient is poised to meet the growing demand for solutions that can address the increasingly complex R&D challenges of the modern era.

In particular, the emergence of new technologies such as fusion energy and quantum hardware has generated a pressing need for advanced simulation tools that can effectively address the challenges posed by their inherently complex nature. Moreover, the complexity of design is rapidly increasing across a range of fields, including aerospace, automotive, and electronics.

As a result, there is a critical need for advanced simulation technologies that can keep pace with these developments and enable companies to optimize their designs for greater efficiency and sustainability.

“Quantum simulations can replace expensive and extremely time-consuming physical testing, such as wind-tunnel testing for airplanes, with simulations. This allows engineers to refine designs using computer-aided design and simulations instead of building expensive prototypes and taking them into wind tunnels for testing.

The whole industry is in an interesting phase. For example, the simulation data offers new interesting openings. The data could be used to train machine learning models and thus facilitate product development work with the help of artificial intelligence. Going forward, breakthroughs in new technologies can be made much faster and more cost-efficient,”

Quanscient co-founder and CEO Juha Riippi.

Quanscient secures 3.9 million euros in Funding to Fuel Product Development and Expansion Plans

Quanscient has announced the successful completion of a funding round, securing an impressive sum of 3.9 million euros. The funds raised will be utilized to accelerate the company’s product development and expansion efforts, further solidifying its position as a leading provider of simulation technology solutions.

The funding round was led by Maki.vc, a prominent venture capital firm, and also included 446,000 euros of non-equity funding from Business Finland. This notable grant comprises a quantum research grant and an R&D loan, highlighting the government’s commitment to supporting innovative and groundbreaking technology companies like Quanscient.

With this latest round of funding, Quanscient is poised to take its business to new heights, as it continues to innovate and provide cutting-edge simulation solutions to a diverse range of industries.

We are thrilled to be supporting the next stage of Quanscient’s journey. Quanscient’s product delivers unforeseen runtime speed, scale, and accuracy for simulations. The product enables flexibility by allowing the users to combine any physics in a single simulation, providing unforeseen accuracy and usability when solving multiphysics problems. We were impressed by Quanscient’s strong team with experience in quantum computing, software, and research, and look forward to helping them scale the business further,” Kivimäki continues.”

Ilkka Kivimäki, founding partner at Maki.vc.

Quanscient’s simulation technology has gained widespread recognition, with 17 leading companies adopting its platform in their research and product development processes. Quanscient’s commitment to innovation and dedication to providing cutting-edge solutions to complex problems has helped it establish itself as a formidable player in the simulation technology industry.