Classiq Series B Upgrades Quantum Algorithm Design Tools
Is this a leading quantum software company of the future?
Nir Minerbi is the Co-Founder and CEO of Classiq, a quantum software startup that builds the top layer of the quantum software stack. He’s literally the best person to follow on Linkedin if you want to keep track of Quantum computing’s technology advances.
So now as of May, 2022 Classiq has already raised nearly $50 million dollars.
Classiq said it is excited to welcome HSBC, NTT Innovation Laboratory Israel and Intesa Sanpaolo as the newest participants in our Series B funding, helping them accelerate the deployment of our software platform: the best way to create quantum software.
The promise of quantum computing has swirled for decades. But as it gets closer to reality, more investors, the government and several industries seem to be taking note. Israeli startups are no exception with per capita innovation scores among the top in the world.
The Classiq team is comprised of world-renowned specialists in quantum algorithms, quantum software development, CAD technologies, and more. What Classiq could become is an acquisition target for someone like Microsoft.
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So let’s get into it. While this is a standard PR for a Round B extension, is important to realize this is no ordinary startup.
Tel Aviv-based Classiq, a startup that wants to make it easier for developers to build quantum algorithms and applications, is moving fast and in funding as well.
It thus added adding HSBC, NTT Finance and Intesa Sanpaolo as new investors to its $33 million Series B round, which brings the round to $36 million and the company’s total funding to $51 million, according to TechCrunch.
They are also doing all the right things:
We are honored and excited to be backed by global leaders such as HSBC, NTT Finance, and Intesa Sanpaolo.
It's a privilege to build the future of quantum computing software alongside forward-thinking organizations who see quantum computing as a strategic part of their future.
Steve Suarez 웃, Moran Levinovitz, Noa Asher, Alberto Greppi - thank you for your partnership and trust. We're honored to be working alongside you. - Nir Minerbi (LinkedIn post).
For a Quantum computing startup in 2022, $51 million means you are among the global leaders in what you do, in your niche of QC development. What if you became the leading software platform for building on Quantum computers? The TAM is higher than you might think.
Classiq is revolutionizing the process of developing quantum software. Our platform helps you build complex quantum circuits that could not be created otherwise.
The diversity of investors and participants in the round are a really good sign. Classiq have the right engineering team and the right vision to scale well, by all reasonable indications and my own limited ability to do due diligence on this.
“Expanding the art of the possible in quantum software development.”
It’s a good sign when Banks are some of your biggest backers. As Quantum Insider notes: HSBC, which is based in the U.K., is the second-largest bank in Europe. Japan’s NTT is the world’s fourth-largest telecom company and a Classiq customer. Neva SGR is part of the Intesa Sanpaolo Group, the Italian leading bank in Europe.
Quantum software can benefit the Financial services and banking industry, among many others with superior simulations.
The three new, noteworthy investors join existing Classiq investors Wing VC, Entrée Capital, Hewlett Packard Pathfinder, Team8, Phoenix, Sumitomo Corp. (through IN Venture), OurCrowd, Spike Ventures, Samsung NEXT, and chip design titans Lip-Bu Tan and Harvey Jones. This is a wide addition of new backers and we are only talking about the completion of a Series B.
“Quantum computing has the potential to overhaul how we operate areas of the bank, like option pricing and risk analysis, which would lead to greater efficiencies and customer service improvements. We look forward to working with Classiq to explore this technology further,” said Steve Suarez, global head of innovation, global functions at HSBC.
Proof of Market Fit for the Financial Sector and Major Banks
So what’s notable about all of this? It’s shows buy-in from the Financial sector in quantum software at the intersection of machine leanring’s potential. These new strategic investors in the financial services industry are placing early bets on quantum computing and Classiq’s ability to make building quantum software easier.
They aren’t gambling or betting on this, they already know it will be impactful to their industry. This could honestly set Classiq apart from its competition.
Israel is also supporting the startup. NTT forecasts that the need for and availability of quantum computing will rise dramatically. It is investing in Classiq and its platform, which NTT DATA is using to create novel credit risk analysis algorithms in the quantum field. The NTT investment by NTT Finance was initiated by NTT Innovation Laboratory Israel.
How Does Israel See Quantum Computing Being Useful?
Quantum computing will change cybersecurity and national security posture, prompt investment, and unlock value in the world. Leading public and private organizations will use quantum to solve complex problems and create innovative, new solutions across disciplines.
We know that various governments are now realizing the potential of QC, Israel is among these when it adds:
“Quantum is now a top strategic priority for public and private organizations, ”said Yinam Cohen, consul general of Israel to the Midwest. “Quantum technologies will help determine the winners and losers of the 21st century.”
What is Classiq Again?
Classiq is (among) the leading quantum software company, providing a development platform built for organizations that want to jumpstart and accelerate their quantum computing programs.
Their patented “CAD for quantum software” engine automatically converts high-level functional models into optimized, hardware-aware circuits. Customers use the Classiq platform to build sophisticated algorithms that could not otherwise be created, bypassing the need to work at the quantum assembly level.
Backed by powerful investors such as HPE, HSBC, Samsung NEXT, NTT and others, Classiq has raised more than $50 million since its 2020 inception, built a world-class team of scientists and engineers, and distilled decades of their quantum expertise into its groundbreaking platform.
With Classiq, customers can push the envelope of what’s possible in quantum software, build valuable IP blocks, explore quantum solutions for real-life problems, and prepare to take full advantage of the coming quantum computing revolution. To learn more, follow Classiq on LinkedIn, Twitter or YouTube or visit www.classiq.io.
Classiq is essentially a different sized startup even from the brief time that I’ve begun to cover Quantum computing startups. They can now afford to hire the top talent at in the intersection of QC, software and machine learning.
Interesting video on the topic.
Expect Classiq to boost its employee base from 40 to 80 relatively quickly in the next nine months. With both the quantum market in Europe and Japan growing quickly, Classiq is focusing its efforts on these geographies right now, in addition to the United States.
B2B Enterprise Market is Thriving for Classiq in Japan and Germany
“We sell our platform mainly to enterprises and academia — but mainly enterprises. So what we care about is where the main markets of enterprises that will adopt quantum computing are. If I had to name two, it would be Japan and Germany. You see many Japanese enterprises like Toshiba, NTT, Hitachi and Mizuho — and so many others — opening quantum computing teams,” Minerbi explained.
I really like the momentum I’m seeing from this particular startup since they came out of stealth.
Classiq may become the global leader as a platform for Quantum Algorithm Design (QAD).
Thanks for reading guys!
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