QC Ware, a quantum computer software startup company, announced that it raised $25 million in a Series B funding round. Koch Disruptive Technologies and Covestro co-led the business funding round, along with participation from Samsung Ventures and existing investors Citi, the D. E. Shaw group, and Pegasus Tech Ventures.
Industry Experiencing Surging Demand for Quantum Technology
The quantum startup company intends to use the new business funding to expand its team and facilitate the development of its quantum computing cloud service, “Forge.”
QC Ware collaborates with multiple well-known global companies, including Aisin Group, Airbus, Air Force Research Laboratory (AFRL), BMW Group, Equinor, Goldman Sachs, and Total. These business partnerships are mostly based on the demand for the startup company to design high-performance practical algorithms.
QC Ware claims it has managed to significantly reduce the industry’s timeline for quantum advantage. Additionally, the startup has increased business and US federal sector adoption of its algorithms for quantum machine learning, quantum Monte Carlo simulations, and quantum optimization.
The quantum startup has experienced a robust growth trajectory thanks to its business partnerships. QC Ware has leading hardware partners across areas such as chemistry simulations, materials discovery, drug design, and beyond.
"QC Ware's revenues have been climbing at a strong and steady pace as organizations around the world ramp up their explorations of quantum computing algorithms to help solve some of their biggest challenges and gain competitive advantage," said Matt Johnson, Chief Executive Officer of QC Ware.
"With a hyper-focus on practical quantum computing we will use the new investment to align the Forge software platform with the great headway we've been making in global markets."
The quantum startup company managed to stand out from its competitors. As opposed to other quantum computing cloud services, Forge offers customers access to pioneering and sound turnkey quantum algorithms to tackle practical industry issues.
QC Ware teamed up with a number of Fortune 500 companies and organizations to develop quantum computing algorithms. Furthermore, the startup plans to use the freshly raised business funding to hire new talent in order to meet high customer demand.
Navin Maharaj, Director at Koch Disruptive Technologies, believes quantum computing could disrupt industries in manners that were not possible before and create new opportunities. He noted that QC Ware continues to push “software and hardware limits with a focus on delivering transformative quantum applications to customers.”
QC Ware also welcomed a new investor, Samsung Ventures, in the Series B funding round. This venture capital (VC) business is also highly focused on technologies that could create new growth opportunities, one of them being quantum computing.
The company’s involvement also indicates Samsung Ventures’s interest in the startup’s achievements in developing quantum software that halved the timeline for the real-world implementation of practical quantum computing.
Sandeep Arora, ICG Head of Digital and ICG Chief Investment Officer at Citi, noted that QC Ware’s results when it comes to researching the financial sector indicate the potential of quantum computing in this huge business industry.
Quantum startup company QC Ware secured $25 million in a Series B business funding round from Koch Disruptive Technologies and Covestro. The startup company will invest the raised business funding to expand its team and expedite the development of its quantum computing cloud service, Forge.