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Classiq raises additional funding for its quantum algorithm design tools – TechCrunch

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Tel Aviv-based Classiq, a startup that wants to make it easier for developers to build quantum algorithms and applications, today announced it has raised additional funding for its service by adding HSBC, NTT Finance and Intesa. Sanpaolo as new investors at his $33. million Series B rounds, bringing the round to $36 million and the company’s total funding to $51 million.

Although not a huge extension round, it is still worth reviewing as it shows how these new strategic investors in the financial services sector are betting early on quantum computing and the ability of Classiq to facilitate the creation of quantum software.

“In this cycle, it was important for us to bring in strategic money – money is important, funding is important and it’s our way of scaling – but also, in this market, strategic partners are The common thing among all these strategic investors is that they see quantum computing as a key part of their IT strategy,” Classiq CEO Nir Minerbi told me.

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The company now has about 40 employees and plans to grow to 80 soon. With the rapid growth of the quantum market in Europe and Japan, Classiq is currently focusing its efforts on these geographies, in addition to the United States.

“We sell our platform mainly to companies and universities, but mainly to companies. So what we’re interested in is where are the key markets for companies that will adopt quantum computing. If I had to name two, it would be Japan and Germany. You see many Japanese companies like Toshiba, NTT, Hitachi and Mizuho – and so many others – opening up quantum computing teams,” Minerbi explained.

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Picture credits: Classic

Another objective of Classiq is to develop the global talent pool. Earlier this week, the company launched its Classiq coding competition, for example, which rewards developers who can create the most efficient quantum circuits while using its tools. Minerbi also noted that the Classiq platform is now used at a number of universities, including Carnegie Mellon, to train the next generation of computer scientists.

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Quantum computing is obviously still in its (very) early days, but as Minerbi noted, many companies are now starting to think about how they can eventually integrate quantum into their strategy. global computing. Additionally, while verticals like finance, pharma, and automotive have a long interest in quantum, a number of cybersecurity companies are also beginning to explore how they could potentially use quantum computers (beyond the obvious focus on breaking existing encryption schemes).

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“Quantum computing has the potential to reshape the way we operate areas of banking, such as option pricing and risk analysis, which would lead to greater efficiency and customer service improvements,” said Steve Suarez, global head of innovation, global functions at HSBC. “We look forward to working with Classiq to further explore this technology.”

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