Classiq Raises $33 Million in a Series B Round

This round adds new investors including Hewlett Packard Pathfinder, the venture capital program of Hewlett Packard Enterprise (HPE); Phoenix, a $60-billion insurance company; Spike Ventures, a Stanford alumni investor group; and Samsung NEXT, the investment and personal investments from Lip-Bu Tan and Harvey Jones. It also includes existing investors Wing VC, Team8, Entrée Capital, Sumitomo Corp. (through IN Venture) and OurCrowd. This brings the total funding for the company to $48 million since it was founded in early 2020. Classiq provides quantum programming software that automatically transforms high-level functional models into optimized quantum circuits for a wide range of hardware and cloud providers. The addition of Lip-Bu Tan and Harvey Jones to their investor base is particularly significant because Tan is the executive chairman of Cadence Design Systems and Jones is the former president and CEO of Synopsys. Both gentlemen are intimately familiar with the challenges in providing high level electronic design software for classical computing integrated circuits and should be able to share valuable insights for similar issues that are sure to come up with quantum computing circuits. Classiq will use the funds to quadruple the company's headcount by adding both engineering and sales support personnel. They are planning to expand their office in the U.S. and open new offices in Europe and Japan for sales and support. The bulk of their engineering activities will remain in Tel Aviv, Israel. For more information about this funding round, you can view Classiq's press announcement available here.

February 17, 2022

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