Classiq, which provides a revolutionary platform for Quantum Algorithm Design, has secured $33 million in a Series B investment. It would indicate that the world is moving from quantum discovery to quantum production, and that quantum software creation is a critical element in attaining quantum advantage.
Classiq plans to quadruple its size by increasing its workforce of “world-class” engineers and researchers, creating additional offices throughout the world, and continuing to develop and file groundbreaking quantum algorithm design patents using the new cash. Leading worldwide enterprises in a number of industries, including Classiq clients, would benefit from cutting-edge technology and even greater developer support.
New investors in Classiq include Hewlett Packard Pathfinder, HPE’s venture capital program; Phoenix, a $60 billion insurance company; Spike Ventures, a Stanford alumni investor organization; and Samsung NEXT, Samsung’s investing arm. In addition to current investors Wing VC, Team8, Entrée Capital, Sumitomo Corp. (via IN Venture), and OurCrowd, this round featured personal contributions from Lip-Bu Tan and Harvey Jones.
Classiq has already raised $48 million in total capital after just 20 months of operation.
“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,” said Nir Minerbi, co-founder and CEO at Classiq. “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.”
“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,” added Mr. Minerbi. “We look forward to what’s next.”
The Classiq Approach
“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,” said Bob Sorensen, senior vice president of research at Hyperion Research. “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.”
“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,” said Paul Glaser, vice president and head of Hewlett Packard Pathfinder. “We are proud to join this investment round for Classiq, a true pioneer in the quantum software development arena.”
“While quantum hardware has made impressive progress, the software used to operate these advanced computers remains woefully inadequate,” said Boaz Morris, investment manager at Phoenix. 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.”
This round featured personal contributions from Harvey Jones and Lip-Bu Tan. Harvey Jones is the former president and CEO of Synopsys and a board member at NVIDIA. Lip-Bu Tan is the executive chairman and former president and CEO of Cadence Design Systems. Tan and Jones have a special appreciation for the importance of Classiq’s value proposition, since Cadence and Synopsys do for electronic design what Classiq does for quantum software design.