HSBC, ATT invests in Classiq for its quantum algorithm design tools

Classiq has developed quantum algorithm design tools
Classiq Founders L-R Dr. Yehuda Naveh, Amir Naveh, and CEO Nir Minerbi/ Photo Eyal Toueg

Classiq, an Israeli startup that aims to make it easier for developers to create quantum algorithms and applications, has raised additional funding from HSBC, NTT Finance, and Intesa Sanpaolo.

This round which comes after an earlier Series B round brings Classiq’s funding to $36 million. It also demonstrates that crucial industry players view Quantum as a strategic imperative. The company has raised $51 million to date.

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Founded in 2020 by CEO Nir Minerbi, Dr. Yehuda Naveh, and Amir Naveh, Classiq has developed quantum algorithm design tools solution that simplifies the construction of quantum computer software and enables individuals who are not necessarily quantum experts in designing this sort of software.

Classiq’s solution is also scalable for a future in which there will be thousands of qubits, and even the most seasoned quantum programmers will not be able to program using current methods.

The company now has about 40 workers and plans to expand to 80 soon. Classiq is concentrating its efforts in the United States, Europe, and Japan which their quantum interest expanding rapidly.

The company’s clients include some largest enterprises and academia including Amazon, Microsoft, IBM, and Nvidia, which are building quantum computers, as well as Japanese enterprises such Toshiba, NTT, Hitachi, and Mizuho, among many others.

The beginning of quantum computing was in 1980 when scientist Paul Benioff developed a quantum mechanical model of the Turing computer.

The hardware construction of quantum computers was spearheaded by technological titans IBM, Amazon, Microsoft, Intel, Google, and others, governments, and academic institutions.

Industries such as banking, healthcare, and automotive have been interested in Quantum for quite some time, and a number of cybersecurity companies are beginning to study how they may potentially employ quantum computers (beyond the obvious focus on breaking existing encryption schemes).

According to the majority of forecasts, the development of quantum computing is rapid, and its commercial use is anticipated to be beneficial. Drug development, new materials, optimization, financial challenges, machine learning, and environmental research are among the potential uses.

Quantum computing will alter the state of cybersecurity and national security, spur investment, and unlock the world’s potential.

Quantum will be used by leading public and commercial companies to manage challenging problems and provide breakthrough new solutions across disciplines.

Classiq CEO Nir Minerbi said “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 with them to advance the state-of-the-art in quantum software.”

Steve Suarez, global head of innovation for global functions at HSBC, stated that quantum computing has the potential to revolutionize how the bank operates in areas such as option pricing and risk analysis, leading to increased efficiency and enhanced customer service. “We anticipate partnering with Classiq to investigate this technology further,” he said

Also invested in the company:  Phoenix, the venture capital arm of HPE, the investment arm of the Sumitomo Corporation (IN Venture), Spike Ventures, a Stanford University alumni investment fund, and Samsung Next.