Israeli startup Classiq, the origin of a platform for designing and optimizing quantum circuits, has just raised $33 million from several investors, including money from HPE and Samsung. Opening offices around the world and planned appointments.
Investments are continuing in quantum computing, a strategic market that IT suppliers and countries are committed to, including France, which announced a national hybrid quantum computing platform in early January. This time around, HPE and Samsung have just participated in a $33 million Series B funding round by Israeli software publisher Classiq. The latter is developing a QAD (Quantum Algorithm Design) solution for designing and optimizing circuits and quantum algorithms. The technology presented “helps quantum teams to automate the process of converting high-level functional models into optimized quantum circuits,” the company describes on its site, adding that its platform makes it possible to design quantum algorithms that would otherwise be impossible to construct. Users can combine the combined quantum units with the ones they have identified, then specify constraints such as the number of gates, circuit depth, and entanglement levels. The Classiq platform would then assemble an improved circuit which would have taken weeks if built by hand, its publisher notes.
HPE and Samsung have invested through their own funds, Hewlett Packard Pathfinder and Samsung Next, along with other entrants to the company such as Phoenix (Insurance Group), Spike Ventures and private investor Lip Bo Tan (former CEO of Cadence Design Systems) and Harvey Jones (Former CEO of Synopsys). They join funds already in the capital, Wing VC, Team8, Entree Capital, Sumitomo Corp (via IN Venture) and OurCrowd.
Unlimited platform for devices
Since its inception in Tel Aviv 20 months ago, Classic has raised $48 million. The company was co-founded by Nir Minerbe, CEO, Amir Naveh, Head of Algorithms, and Yehuda Naveh, Chief Technology Officer, bringing together experts in quantum computing, theoretical physics, CAD technologies and information technology. “This new funding comes at a pivotal time; the quantum industry is now moving from advisory services to products and from prototype to production,” Nir Minerby comments in a press release. With the funds obtained, CLASSIC will open other offices around the world and strengthen its team of engineers and researchers to continue its development and to file patents for designing quantum algorithms.
Classiq allows its users to build their own quantum stack while remaining hardware neutral.
Hewlett Packard Pathfinder said it was impressed by the Classiq engine, which automates the creation of quantum circuits and “dramatically lowers barriers to entry into quantum computing,” Paul Glaser, vice president, fund manager HPE, says. For his part, Phoenix investor Boaz Morris points out that while quantum devices have made impressive progress, the software used to power them is still very inadequate. “Classic’s hardware-neutral platform enables companies to develop complex quantum software faster and better than any other method,” he said in a statement. Finally, the Israeli publisher has attracted the interest of independent investors Harvey Jones and Lieb Bo Tan who came from computer design, as the companies they run, Synopsys and Cadence, do electronic design for what Classiq offers today for quantum design software.
A global market of $490 million in 2021
The global quantum market is still in its infancy. It was just valued at $490 million in 2021 in a recent study by Hyperion Research on behalf of QED-C and QC Ware with support from the European Quantum Industry Association and Quantum Industry Canada. Its value should increase at an annual rate of approximately 22% through 2024 to reach $888 million. Quantitative software revenue, which includes applications and middleware, represents 35% of the total, hardware weight (on-premises and accessible in the cloud) 23%, user access to quantitative cloud services 16% and professional services 14%.
In France, last month, Pasqal, a company that designs and produces quantum simulators, acquired Dutch quantum software publisher Qu & Co to integrate their projects. Pascal designs and produces processors Quantum based on neutral atom technology. Among the recent market associations, Honeywell formed Quantinuum with Cambridge Quantum last December.