Tel-Aviv based quantum computer software startup Classiq recently raised $33 million in a funding round.
The company, founded in 2019, offers a suite of software solutions that leverage the power of quantum computing to provide better solutions to complex problems.
A team of experienced entrepreneurs and technologists with a long track record of success leads Classiq.
This article will discuss why Classiq focused on quantum computing and dive into their recent funding round.
What is Classiq?
Classiq is a Tel-Aviv based quantum computer software startup developing next-generation software to accelerate the development of quantum technology applications. Founded in 2017, Classiq’s team consists of world-leading academic researchers and talented engineers from some of Europe’s most innovative tech companies. Its quantum technologies aim to revolutionize machine learning, material sciences, cryptography and finance.
The company recently secured $33 million in funding from leading investors including Intel Capital and Singtel Innov8. This new round of funding will help them continue to develop their proprietary AI algorithms and expand the scalability of their big data analytics capabilities. Furthermore, they are utilizing the capital to bring in more top talent with diverse experiences in robotics and artificial intelligence (AI).
The company is already making strides in complex numerics for simulation sciences with its powerful libraries for developing custom designs – boasting greater performance than traditional numerical computation methods without sacrificing accuracy or complexity. This breakthrough technology allows users to benefit from reduced computing costs while achieving real time performance that substantially outperforms existing solutions on today’s largest data sets across health care, electronics, materials science, and other industries requiring advanced simulations. Going forward, Classiq plans to take this innovation beyond simulation sciences– furthering its vision for democratizing complex analytics for all industries worldwide.
Overview of the funding round
Tel-Aviv based quantum computer software startup Classiq has closed a $33 million series A funding round, allowing for further development of their real-time quantification platform. Investors back the company from half a dozen countries, including the U.S., Israel, Japan, and Europe.
Classiq’s offering enables customers to imagine, create, and develop products and services utilizing the power of quantum computing and machine learning capabilities. The funds brought in this round will assist with product development and launch initiatives among other focus areas across core research project teams and use outside resources such as external partners, software developers, and hardware integration experts to bring Classiq’s vision to market.
The newest raise brings total funds raised by Classiq up to $45 million since their start in 2015. Through previous investments, they could capitalize on their team’s strengths where they could challenge the industry’s mental models while covering all aspects concerning privacy protection and application security effectiveness from end user device data collection through quantum computing encryption (inclusion of homomorphic encryption). This funding will now even more sufficiently help them continue toward commercialization and deployment performances of their system on global markets and for every size enterprise worldwide.
Team
Tel-Aviv based quantum computer software startup Classiq has raised $33 million to fuel its growth. The startup is backed by an impressive team that includes a mix of engineers and scientists from some of the world’s top universities and research institutes. They have deep experience with quantum computing, algorithms, and materials science.
Let’s look at the team and their impressive backgrounds.
Background of the founding team
The founding team of Tel-Aviv based quantum computer software startup Classiq consists of a group of professionals with broad technical and business experience in quantum computing, artificial intelligence, and algorithms.
The core technology was developed by Dr. Anat Hoffman, who also serves as the Chief Executive Officer, and Albert Nasser, the Chief Technology Officer. Dr. Hoffman has a Ph.D. in theoretical quantum physics awarded by Hebrew University of Jerusalem and has held positions at Microsoft Research & Innovation Center, Ben Gurion University and Jerusalem College of Technology (JCT). Amongst other projects, she has developed reinforcement learning algorithms for sequence-to-sequence tasks. Albert Nasser is a world class scientist with two decades of experience in qubit devices engineering and collaborative research on sound propagation methods to detect qubit decoherence at IBM’s Zurich Research Lab where he held positions as Senior Scientist, Technical Manager & Research Leader at various times throughout his tenure there.
Boris Chanin, Classiq’s CFO brings to the table extensive financial experience gained at Ernst & Young where he served as an executive for 16 years in their International Tax department based in New York City.
Additionally, the company is supported by an advisory board that includes physicists from JCT’s Quantum Institute as well as members of IBM’s Q Experience team from their research partnerships division who serve as subject matter experts for their respective areas of expertise allowing Classiq to stay ahead of industry trends and developments within the quantum computing space.
Experience of the team
Classiq is a Tel-Aviv based quantum computer software startup that has recently raised $33mln in its seed round. Led by a high-caliber team of experienced leaders, the company is well-positioned for success.
The Classiq team combines deep academic and practical knowledge with a passion to raise the bar in the quantum computing industry. The cofounders have deep academic roots – Boaz Vardi holds an MSc from Bar Ilan University and Daniel Vardi holds an MSc from Tel Aviv University – and they bring years of technical expertise to Classiq’s development efforts.
The team also boasts impressive industry experience inside and outside the quantum computing sector. CTO Avishai Shalom has held positions at Apple and Qualcomm, and others bring expertise from other areas such as corporate finance, executive management, tech startups and venture capital. In addition, vice President Udi Yosovich has raised investments for several tech startups including Payoneer and Keepsafe. At the same time, COO Yaniv Brin prioritizes partnerships between players in the international payments industry through his company QuadPay.
The combination of academic rigor, corporate insight and startup savvy makes Classiq’s leadership one of its most valuable assets. With so much success already under their belts, this seasoned team promises to move the needle further in the ongoing effort to build powerful quantum computer software solutions that change industries forever.
Achievements of the team
Classiq, a Tel Aviv-based quantum computer software startup, has had tremendous successes in recent years. This team of experienced computer scientists and engineers has had remarkable achievements in developing cutting-edge quantum computing software. Their efforts have been rewarded with a $33 million round of funding from prominent public and private investors.
The team is led by a powerful triumvirate of founders comprising CEO Yoel Fink, CTO Ofir Eyal and CPO Asaf Pashtun. These three men formed their business believing that developing quantum computer software should be accessible to everyone who wants to take advantage of its potential for solving complex problems and producing innovative solutions faster than ever before.
In addition to their passion for pushing boundaries with their technology, the founders have impressive industry experience with leading organizations in telecommunications, cyber security and semiconductors. Together they have over 25 years of collective experience in engineering teams at companies such as Qualcomm, Cisco and Dell EMC.
The team also includes leading experts such as Dr. Wadi Hutner who serves as Chief Scientist at Classiq; he brings more than 15 years of academic experience including posts at Technion – Israel Institute of Technology, Harvard University and The Weizmann Institute – Science & Technology Israel (WIS). Other members include technical architect Dr Kfir Bar who brings his wealth of experience from previous positions working on innovation projects for Google X labs and Microsoft and Dina Klochenbaum , an experienced product manager who joins following her roles at Amdocs R&D Tel Aviv Lab among others.
With their impressive credentials held by the team and the resources afforded by this round of funding Classiq is well placed to realize its vision for “A new world powered by quantum technology”.
Technology
Tel-Aviv based quantum computer software startup Classiq recently raised $33mln in funding. This funding will help the company speed up the development of its quantum computer software, backed by a strong and experienced team of experts.
The company’s vision is to revolutionize the way quantum computing is done. Let’s take a closer look at their software and team.
What is quantum computing?
Quantum computing is an emerging technology that exploits the properties of quantum mechanics to process and store information. Unlike traditional computing which relies on bits, quantum computing is based on qubits – quantum bits – which are two-state quantum systems (May & Lee, 2021). As a result, quantum computers can use qubits to process, store and retrieve data much faster than classical computers.
The potential of quantum computing lies in the ability of particles to exist in multiple states simultaneously. This feature allows for complex calculations to be done almost simultaneously, making practical problems that would take classical computers hours or days to compute achievable in minutes or seconds. However, despite advancements made by pioneers such as Tel-Aviv based quantum computer startup Classiq, much work remains to be done to realize this revolutionary technology’s full potential.
At this time, experts agree that leveraging today’s traditional computers with a combination of cloud technology, artificial intelligence (AI), machine learning (ML), High-Performance Computing (HPC), and edge computing technologies provide a better option than only relying on quantum computing as a solution for many problems. But as organizations continue their efforts toward researching faster methods in solving complex problems with cutting impact towards latency and cost – while still achieving quality results — organizations such as Classiq are sure become more relevant in this competitive space over time.
How Classiq’s software works
Classiq is a Tel-Aviv based quantum computer software startup that has raised $33mln to develop and distribute its quantum computing software solutions to a wide range of industries. Founded by a group of ambitious, highly experienced engineers, Classiq’s goal is to enable the most efficient use of available quantum computing technology.
Classiq’s software is specifically tailored for each user and their specific needs. It uses algorithms and advanced designs, enabling it to make the most of available quantum computing resources. The algorithms used are designed to allow users to perform complex algorithms quickly, whether running on classical computers or fully fledged quantum hardware. In addition, Classiq also utilizes machine learning techniques so that its algorithms can be adapted as users gain more experience with the system, improving their efficiency over time.
Furthermore, all of Classiq’s solutions aim to be cost-effective and easy-to-use for all stakeholders, ensuring the best ROI for everyone using its services. Classiq also provides ongoing support throughout each customer’s implementation and integration process to ensure continuity. Thanks to this comprehensive suite of features, end users are guaranteed access to the latest advancements in quantum computer technology reliably without sacrificing value for money in any way.
Benefits of Classiq’s software
Classiq is a tel-Aviv based quantum computer software startup. It has recently raised $33 million in seed funding, and its software offers a range of benefits to enterprises across industries. These benefits stem from users’ ability to perform complex computations on the platform while leveraging the power of quantum computing.
Some of these benefits include:
- High processing power and computational performance: Classiq’s software is powered by quantum algorithms, which allow it to quickly tap into massive datasets and extract key insights from them. This helps speed up operations and research for businesses.
- Increased data security for businesses: As quantum computing uses highly sophisticated distribution of information among various networks, it provides superior data security instead of traditional computing technology. This can help guarantee privacy and integrity when dealing with confidential data.
- Unmatched versatility in solving calculation problems: Classiq’s software offers unprecedented versatility in solving complex engineering, scientific, mathematical, or operational problems that are typical of most enterprise projects these days. It also supports programming languages like Python, Java, and C#.
By leveraging the power of quantum computing through Classiq’s software platform , businesses can speed up their operations while keeping their data secure without sacrificing accuracy or efficiency.
Tel-Aviv based quantum computer software startup Classiq raises $33mln
Tel-Aviv based quantum computer software startup Classiq recently announced that it has raised $33mln in funding. This capital injection will help the company further develop its platform and expand its reach globally.
In this article, we will look at the details of the funding, the team behind the technology, and the potential impact of the investment.
Breakdown of the funding round
Tel-Aviv based quantum computer software startup Classiq recently announced the successful closing of its 34 million dollar funding round, backed by several venture capital firms. This brings Classiq’s total financing to $64 million, from an earlier round last year.
The 34 million dollar series D round was led by Battery Ventures, and included investments from Dell Technology Capital, Google Ventures, Intel Capital and Ping An Global Voyager Fund. A few personal investors also participated in the funding round.
This financial injection will provide Classiq with the necessary resources for continued product development and commercialization of its innovative quantum software platform. In addition to increasing the company’s engineering team and expanding into new markets, Classiq plans to use the new funds to develop partnerships and build a suite of enterprise applications leveraging its pioneering quantum technology.
Classiq intends that its knowledgeable international team of experts become a leader in developing ground-breaking quantum software products for various industries, such as automotive banking, financial services and government sectors.
Investors in the round
Tel-Aviv based quantum computer software startup Classiq announced a new $33 million round of funding earlier this week. The new round was supported by some of the world’s leading venture capital firms and strategic investors, including Ping An Ventures, General Catalyst, Lightspeed Ventures, Intel Capital, and Quark VC.
Classiq is a venture-backed quantum computing software company that seeks to create a simpler platform for developing complex algorithms. With the funds raised in this round, Classiq will work to further increase user engagement through its partnership with global tech companies such as Microsoft Azure and IBM Q Network.
The funding will enable deeper collaboration across industries to improve customer experiences and enable businesses to take advantage of the power of their data in ways not previously possible on classical computers. In addition, Classiq plans to use the new capital to grow its team globally and further optimize products for enterprise customers.
This marks a significant milestone in the overall growth strategy for Classiq as they continue their mission of connecting users with advanced quantum computing capabilities in simplified way while maintaining privacy and security – ultimately being an invaluable asset in advancing existing technology even further into the future.
Plans for how the funds will be used
Tel-Aviv based quantum computer software startup Classiq has raised USD 33mln in a recent venture funding round led by the venture capital firms Sequoia Capital and TLV Partners. The funds raised will be utilized by Classiq to largely cover its expansion plans across the globe and to further enhance the usability of its already existing technology.
The ultra-modern quantum engineering lab at Tel Aviv is also looking at channeling some funds towards launching product expansion initiatives along with customer service support, prototyping and marketing campaigns, especially directed towards its US market segment. Moreover, Classiq, looks forward to hiring prominent data scientists and quantum computing specialists to make their product a global leader in the quantum computer software sector.
With their recently acquired resources, the team is confident that they can significantly advance their proprietary quantum machine learning models, which will eventually be utilized to drive several marked improvements in multiple areas of Artificial Intelligence. The latest development is a testament that this Israeli start up will continue strengthening their position as a leading player in the quantum revolution.
Conclusion
Tel-Aviv based quantum computer software startup Classiq has had a successful funding round, allowing them to focus on developing their software even further.
With the backing of strong investors, the team can take the quantum computer software to the next level and further explore the new technology. This funding round shows a real interest in this technology and the future of quantum computing looks bright.
Summary of Classiq’s mission
Tel Aviv based quantum computer software startup Classiq has successfully raised $33 million during their seed funding round. Established in 2020, the startup is committed to harnessing the power of quantum computing and artificial intelligence to build a digital health platform that can apply prevention and assist with early diagnosis of diseases that are difficult to detect with traditional methods.
Classiq hopes to understand disease progression through its software and provide insight into possible treatments that could result in better patient outcomes.
Classiq believes its suite of AI-driven quantum applications will revolutionize personalized healthcare and provide physicians with the tools necessary for improved diagnostics and treatments for complex diseases. In addition, using quantum algorithms on systems equipped with more powerful hardware will help make disease detection more accurate and faster than ever before.
With leading technology investors such as aMoon Ventures backing their mission, Classiq is confident their technology can improve medical outcomes for everyone worldwide.
Summary of the funding round
Classiq, a Tel-Aviv based quantum computer software startup, has announced the closing of a $33 million financing round. Viola Ventures led the funding with M12, LuxCapital and Initialized Capital participation.
The funding will support Classiq’s continued growth, helping it to acquire top talent and develop new features for its quantum computer platform. Classiq intends to use the round to continue building out its cloud-based software that boosts computing speed and accuracy while cutting operational cost and offering new services based on artificial intelligence and machine learning. In addition, this investment will allow Classiq to expand its platform beyond computing into new areas such as storage and automation—all of which could be game-changing opportunities for those looking for revolutionary solutions in the world of quantum computing.
This marks the first major investment for Classiq since it was founded in 2018. It demonstrates strong organizational momentum and investor confidence in this ambitious startup’s mission to develop breakthrough cloud technologies that empower people globally by bringing trusted data science solutions to everyday tasks.