Israeli quantum computing startup Classiq announced on Monday that it has raised $110 million in a new round of funding, bringing its total funding to $173 million.
Quantum computing has the potential to perform calculations that would take millions of years on today’s computers. It could lead to important discoveries in medicine, chemistry, and many other fields.
Classiq’s latest funding round was led by Entree Capital, and participants included Norwest, NightDragon, Hamilton Lane, Clal, Neva SGR, Phoenix, Team8, IN Venture, Wing, HSBC, Samsung Next, and QBeat, as well as other new and existing investors.
The company, which was founded in 2020, said it has tripled its number of customers and revenue every year. Big companies like BMW, Citi, Deloitte, Mizuho, and Toshiba use it. The company also works with Microsoft, Nvidia, AWS, and several universities.
“We are building the Microsoft of quantum computing,” said Nir Minerbi, CEO and co-founder of Classiq, adding that the group is “delivering the essential software stack” for developing real-world quantum applications.
Big companies like Google, Microsoft, Cisco, and Amazon have introduced their quantum computing chips in recent months. Nvidia also plans to open a quantum computing lab.
Meanwhile, startups like PsiQuantum are raising hundreds of millions of dollars to build their quantum systems.
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