Classiq, the Israeli startup developing quantum computing software, today (Feb 17th) announced the closure of a $33 million Series B funding round. The funding round was led by HPE’s venture capital arm, Phoenix, IN Venture (of Sumitomo Corporation), Spike Ventures, and Samsung Next. The round also included personal investments from Lip-Bu Tan, president and former CEO of Cadence, and Harvey Jones, CEO of Synopsys, with participation from existing investors Entree Capital, Wing Capital, Team8, and OurCrowd.
Scale-up quantum computing
The number of large organizations developing quantum software grew from 1% in 2018 to 30% in 2021, and the market is expected to reach its commercial maturity in the next two years; by 2024, 70% of the world's largest corporations will be developing quantum computer software. So, we see that the quantum computing revolution is in full swing which has created some sort of ‘arms race’ in the construction of quantum computers. As these quantum computing machines create critical transformation for the success of organizations in the current era, there needs to be software that brings the scale and capabilities of these machines to life.
The quantum computing hardware efforts have been led by technology giants like IBM, Amazon, Microsoft, Intel, Google, and others, as well as governments, and research centers. Its establishment will enable applications that are currently not available in the traditional computing world. Potential uses will include drug discovery, advanced materials, optimization, machine learning, and environmental research. However, when you have such advanced hardware, you must also have advanced software for it to have commercial value. That is where Classiq comes in. They have developed a technological solution that facilitates a simpler way for quantum computer software development, therefore, allowing non-quantum specialists the ability to program this type of software. Their approach is to use functional models to abstract the complexity of quantum computing, to deliver first-mover advantages to companies and their stakeholders. Classiq’s solution is also geared towards scaling quantum computer software, which as we know, will be a necessity in the coming years.
With the capital raised from this round, Classiq plans to expand its team of engineers and researchers, open new offices around the globe, and continue to develop and file revolutionary quantum algorithm design patents. The company plans to grow to approximately 90 employees during the coming year, which is nearly quadruple its current size.
Boaz Morris, a partner at Phoenix, said, “While quantum hardware has made impressive progress, the software used to operate these advanced computers remains woefully inadequate. 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.”
Classiq was founded in 2020 by Nir Minerbi (CEO), Amir Naveh (VP Product), and Dr. Yehuda Naveh (CTO). To date, the company has raised $48 million.