Strangeworks Accelerates Growth Trajectory with Successful $24M Series A Funding.

Strangeworks Accelerates Growth Trajectory With Successful $24M Series A Funding.

Strangeworks announced the successful completion of its Series A funding, which amounted to $24 million. The funding was secured on the auspicious occasion of the company’s fifth anniversary of its public debut at SXSW in 2018. This funding marks a significant milestone in their journey and reinforces their go-to-market strategy in the emerging quantum computing market, which is expected to reach $125 billion by 2030.

The team is committed to leveraging these resources to expand the company’s platform’s capabilities and accelerate innovation for its clients. They are honoured to have been supported by world-class investors who share a vision to empower visionaries to turn their “what ifs” into reality.

They are confident that this funding will enable them to continue providing exceptional service to their clients while fostering growth and innovation within the quantum computing industry. They are grateful to their investors, clients, and team members for their continued support, and they continue to look forward to the exciting opportunities ahead.

Today’s announcement represents a significant milestone for Strangeworks. Five years ago, I took the stage at SXSW for our first quantum computing keynote. Since that day this team has stayed focused on our core mission, continuously outpacing industry expectations while diligently managing capital. Raising the Series A from these exceptional investors in this challenging economic climate sends a clear message to the market on where enterprise companies are placing their bets in the race to create quantum value.

WHURLEY. founder and CEO of strangeworks

Hitachi identified quantum computing as a key technology to advance society and develop its own quantum technologies and quantum-inspired solutions. Quantum computing has the potential to help solve some of the world’s most pressing problems, from fighting climate change to curing fatal diseases that require far greater computational power than is currently available in classical computers. The Strangeworks platform removes barriers to access quantum and quantum-inspired solutions creating customer value already today.

Dr. Norihiro Suzuki, CTO of Hitachi, Ltd. 

Strangeworks allows simple and fast deployment of quantum resources, so customers can focus on the development of business applications. The overwhelming customer interest proves that need. 

Tobias Jahn, Partner at Hitachi Ventures.

As a result of the recent investment, Strangeworks was able to bolster its core team by 40% during Q4 of 2022. This expansion enables the company to broaden its offerings beyond quantum computing and encompass other advanced technologies such as quantum-inspired, high-performance computing, and artificial intelligence.

Our investment in Strangeworks is well aligned to our mission of solving our customers’ most complex challenges. We believe Strangeworks’ platform and their ability to make quantum and high-performance computing more accessible can support a wide range of applications in the aerospace, defense, and commercial sectors.

Dan Ateya, president and managing director at RTX Ventures, the corporate venture capital arm of Raytheon Technologies. 

This move positions Strangeworks to provide immediate business value to its enterprise clients while helping them prepare for the rapidly evolving computing landscape. With its enhanced capabilities, Strangeworks is well-equipped to remain at the forefront of providing innovative and impactful solutions that meet the evolving needs of its clients.

Quantum computing is here, but exploiting its advantages requires rare know-how and lots of capital. Strangeworks democratizes quantum computing by opening proprietary platforms to consumption-based usage, this is how large tech markets are unleashed. 

Ray Lane, Managing Partner of Greatpoint Ventures.

The company is committed to delivering exceptional value to its stakeholders and looks forward to exciting opportunities. The support of its investors, clients, and team members has been instrumental in Strangeworks’ success, and the company remains grateful for its ongoing support.

Read more about it here.