Classiq Secures $14.5 Million in Venture Funding

The latest round of funding was a $10.5 million Series A round that was led by Team8 and Wing Venture Capital additional participation from Entrée Capital, OurCrowd and IN Venture, the corporate venture arm of Sumitomo Corporation in Israel. This follows an earlier $4 million seed round from Entrée Capital that occurred in May 2020 to bring the total funding to $14.5 million. Classiq is developing quantum software that operates at a higher level in the stack. Rather than having programmers describe their algorithms at the gate level, they are working on technology that allows users to describe what they are trying to do at a high level concept level and have their software automatically synthesize circuits that can perform that function. This could potentially provide a dramatic improvement in the productivity of programmers trying to develop a quantum solution. The company indicates that its software will be hardware agnostic so it will be able to run on many different hardware platforms. For more on Classiq, you can view their website here.

January 27, 2021