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Investing.com -- Israeli quantum computing company Classiq has successfully raised $110 million in a mid-stage private funding round, bringing the company’s total funds raised to $173 million. Quantum computing, which has the potential to perform calculations that would take modern systems millions of years, could lead to breakthroughs in various fields such as medicine and chemistry.
The recent funding round for Classiq was spearheaded by Entree Capital, with contributions from Norwest, NightDragon, Hamilton Lane (NASDAQ:HLNE), Clal, Neva SGR, Phoenix, Team8, IN Venture, Wing, HSBC, Samsung (KS:005930) Next (LON:NXT), and QBeat, along with other new and existing investors. Founded in 2020, Classiq has seen a tripling of its customer base and revenue on an annual basis. The platform is utilized by numerous large companies such as BMW (ETR:BMWG), Citi, Deloitte, Mizuho (NYSE:MFG), and Toshiba (OTC:TOSYY). The company also collaborates with Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), AWS, and several universities.
Nir Minerbi, CEO and co-founder of Classiq, stated that the company is striving to become the "Microsoft of quantum computing" by providing the essential software stack for the development of real-world quantum applications. Other tech giants like Alphabet (NASDAQ:GOOGL)’s Google, Microsoft, Cisco (NASDAQ:CSCO), and Amazon (NASDAQ:AMZN) have announced their own quantum computing chips in recent months. Nvidia is planning to establish its own quantum computing lab, while startups like PsiQuantum are raising hundreds of millions of dollars to build their systems.
Classiq has announced that the $110 million funding, the largest ever for a quantum software company, will be used to meet the growing demand by significantly scaling its go-to-market, customer success, and R&D teams. The company plans to expand its global footprint to strengthen its leading role in national quantum initiatives and as a significant part of the quantum ecosystem.
Classiq’s platform, the only enterprise solution suited to design scalable quantum programs, addresses the gap between quantum hardware and quantum software. It enables developers, data scientists, computational scientists, and engineers to build production-grade quantum programs quickly. It also seamlessly translates high-level functional models into low-level circuits, optimized for execution via the cloud. Its deployment is hardware-agnostic, with direct integration with IBM (NYSE:IBM), IonQ, QuEra, Quantinuum, OQC, AQT, Alice & Bob, Rigetti, and leading simulators including NVIDIA and Intel (NASDAQ:INTC).
The company’s innovation is protected by over 60 filed patents on core quantum modeling and compilation technologies, with a 100% acceptance rate to date. With the recent funding and the increasing commercial readiness of quantum computing, Classiq is well-positioned to become the standard development platform for quantum, powering breakthrough applications across industry, government, and academia.
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