Classiq secure $33 million in a Series B funding with prominent backers such as HPE and Samsung
The Tel-Aviv-based startup Classiq has just raised $33 million in Series B funding round, with big names such as HPE and Samsung showing interest in the emerging quantum computing market. Since the startup is primarily based on Quantum computing and backed by prominent players within the tech market, Classiq has excellent potential to become one of the leaders in the quantum computing field.
What is Classiq
Classiq is a platform that helps developers simplify the process of algorithm design for quantum software. The firm believes that the current quantum systems support a small number of qubits in their current state, and coding at the quantum gate level is a feasible option. As the market evolves and quantum systems start requiring more qubits, the current algorithm design system will not be able to scale accordingly.
Future of Classiq and quantum computing
According to Hyperion Research, the global quantum computing market is growing at 21.9%, to reach a market value of $888 million by 2024. Classiq has capitalized on this and is already working on solutions for this market. They have received nearly $48 million in the last 20 months, and this funding will be used to fuel ambitious expansion plans in the near future.
Classiq has already started work on their Quantum Algorithm Design (QAD) that allows high-level functional modeling of quantum circuits. This platform is designed to swiftly deliver optimized quantum circuits in a fraction of a time if done manually.
Classiq seems to be the forerunner in the quantum computing market. With ambitious plans to expand and improve their current offering, they are well on their way to becoming the strongest market players.