Classiq is the world’s first quantum computing company to bring automation and synthesis into the quantum algorithm’s design process, revolutionizing quantum software development.
Tel Aviv, Israel – January 26, 2021 – Classiq, enabling the development of world-changing quantum algorithms and applications, today announced a $10.5 million Series A financing round, led by Team8 Capital and Wing Capital, with additional participation from Entrée Capital, OurCrowd and Sumitomo corporation through IN Venture. This funding follows Classiq’s seed financing in May 2020 from Entrée Capital.
Quantum computing is expected to make huge leaps forward in the coming years. Companies such as IBM, Google, Intel and Amazon, among others, are already developing quantum computing technology and seeing amazing progress, with the goal of solving complex problems in science, medicine, machine learning and more.
However, the quantum computing stack is still in its infancy, which makes quantum algorithm development an almost impossible task. Today, there are only a handful of algorithms in existence. Quantum computing hardware is advancing quickly, but there are still major challenges with the acceleration of software due to the absence of abstraction, the most fundamental element in software development.
Classiq solves the bottleneck in quantum software development by creating a radically new way to design quantum algorithms. It is the first company to develop the crucial tool to automatically translate human-defined concepts into valid quantum circuits, providing the fundamental elements needed to produce quantum algorithms.
“The world is at the precipice of a technology that will advance entire industries, and we are excited to be playing a crucial role in its development,” said Nir Minerbi, CEO and Co-founder of Classiq. “We’ve reached a point where quantum computing is no longer just a dream. Every quantum algorithm truly is a revolution, and we are excited to be a key part of it all.”
“We are thrilled to be working with Classiq, assisting the team in achieving their goals of advancing the quantum computing industry,” said Sarit Firon, Managing Partner at Team8 Capital, the investment arm of Team8 Group. “As the quantum era takes off, they have managed to solve the missing piece in the quantum computing puzzle, which will enable game-changing quantum algorithms. We look forward to seeing the industry grow, and witnessing how Classiq continues to mark its place as a leader in the industry.”
Classiq is the world’s first quantum computing company to bring automation and synthesis into the quantum algorithm design process, revolutionizing quantum software development. Classiq was established in May 2020, and shortly after, participated in Intel’s prestigious startup growth program, Intel Ignite. Classiq is the first Israeli startup in the field of quantum computing software. For more information, visit www.classiq.io.
Yael Hart, GKPR / Email: [email protected] +972 53 3359896