TEL AVIV, Israel, September 20, 2022 – Classiq, a leading quantum computing software company, today announced another significant expansion of its Series B round to $49 million from Canadian-Israeli VC Awz Ventures, up from an initial one Strategic company investors close $36 million in largest quantum software round to date.
“Awz Ventures is excited to partner with Classiq’s extraordinary leadership team to deliver on the promise of the quantum revolution,” said Yaron Ashkenazi, Founder and Managing Partner of Awz Ventures. “Classiq’s vision is impressive, coupled with a clear business plan that leverages the commercial potential of quantum computing today. We have high hopes for Classiq and look forward to further cooperation.”
In addition to significantly expanding its R&D team, the company also announced short-term growth in Japan and Europe, opening local offices in the coming months.
In addition to new offices and attracting more customers and investors, this year Classiq formed new partnerships with Amazon, ColdQuanta and NVIDIA to streamline quantum experiments and accelerate the company’s journey to quantum advantage. These valuable new alliances follow the partnerships Classiq announced late last year with the Fraunhofer Institute, the leading applied research organization in Europe; The Chicago Quantum Exchange and other industry consortia.
“We are taking quantum computing software to the next level with the invaluable support of our customers, partners and investors,” said Nir Minerbi, co-founder and CEO of Classiq. “This aligns with the increased importance of quantum computing at both corporate and national levels. I am proud of what we have achieved over the past six months and I am very much looking forward to sharing Classiq’s next achievements with the market.”
Classiq addresses the need for higher value software development for the quantum industry at a time when companies are realizing they need to start their quantum computing journey immediately – even in the face of economic headwinds. Organizations are realizing that quantum hardware is evolving rapidly and the expected timeline for real business value is shorter than previously anticipated. At the same time, companies see an acute shortage of skilled employees who can program quantum computers and understand that it is humanly impossible to create sophisticated software with low-level code.
Classiq is the leading quantum software company, taking quantum software to a higher level. Designed for companies looking to launch and accelerate their quantum computing programs, our patented software automatically converts high-level functional models into optimized quantum circuits for most quantum computing and cloud providers. Customers use the Classiq platform to build software they could not otherwise build, bypassing the quantum assembly layer. Classiq also makes it easy to upskill functional experts with little quantum experience and integrate them into high-performing quantum teams.