Israeli quantum software developer Classiq raises additional funds
The international investments demonstrate the global interest and strategic importance of quantum computing
Classiq, an Israeli quantum software development start-up, announced it has raised additional funds for its Series B funding. New investors HSBC, NTT Finance and Intesa helped close the Series at $36 million, bringing the overall funding of the company to $51 million.
Established in 2020, Classiq provides a development platform for organizations that want to jumpstart and accelerate their quantum computing programs. It holds a patent on the “CAD for quantum software” engine, which automatically converts high-level functional models into optimized, hardware-aware circuits.
The company notes that the high-profile, international positioning of the investors demonstrates how key industry players view quantum as a strategic imperative. UK-based HSBC is the second largest bank in Europe, Japan’s NTT is the world’s fourth-largest telecom company (and a Classiq customer), and Neva SGR is part of the Intesa Sanpaolo Group, the leading Italian bank in Europe.
“We are pleased to welcome three new corporate investors, all leaders in their fields,” said Classiq CEO Nir Minerbi. “Quantum is poised to be one of the most impactful technology categories of the coming decades, and these companies share our vision of what quantum could deliver and understand the problems that need to be solved to reach that goal. We look forward to collaborating to advance the state-of-the-art in quantum software.”
NTT DATA launched its collaboration with Classiq December 2021, using its platform to create novel credit risk analysis algorithms in the quantum field. The telecom giant forecasts that the need for and availability of quantum computing will rise dramatically, as do the other investors.
“Quantum computing is certainly a key technology for the future,” explained Mario Costantini, CEO of Neva SGR. “We decided to invest in this highest potential technology because we think it could guarantee excellent returns to our investors. In addition, we are seeing the same high potential in several industrial sectors, including the financial one, which is already testing these new technological frontiers.”
“Quantum is now a top strategic priority for public and private organizations,” said Yinam Cohen, consul general of Israel to the Midwest (US). “Quantum technologies will help determine the winners and losers of the 21st century.”