Classiq secures $ 14.5 million to accelerate quantum computing software development

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Classiq, a company enabling the development of breakthrough quantum algorithms and applications, today announced that it has secured funding of $ 14.5 million.

Business Leader Tech Month, presented by VWV

The $ 10.5 million Series A financing round was led by Team8 and Wing Venture Capital, with additional participation from Entry Capital, OurCrowd and IN Venture, the venture capital arm of Sumitomo Corporation in Israel, and follows a $ 4 million seed funding round from Entry Capital.

Quantum computing is expected to make huge strides in the years to come. Companies such as IBM, Google, Intel and Amazon, among others, are already developing quantum computing technology and seeing incredible progress, aiming to solve complex problems in the fields of science, medicine, machine learning, etc.

However, the quantum computation stack is still in its infancy, making the development of quantum algorithms an almost impossible task. Today there are only a handful of algorithms. Quantum computing hardware is advancing rapidly, but there are still major challenges with software acceleration due to the lack of abstraction, the most fundamental element of software development.

Classiq solves the bottleneck in quantum software development by creating a radically new way of designing 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 building blocks needed to produce quantum algorithms.

“The world is on the brink of technology that will advance entire industries, and we are excited to play a pivotal role in its development,” said Nir Minerbi, CEO and co-founder of Classiq. “We have reached a point where quantum computing is no longer just a dream. Each quantum algorithm is truly a revolution, and we intend to advance the ultimate goal of expanding quantum algorithms. “

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