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February 17, 2022 10:11 am
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Israel’s Classiq Raises $33 Million Series B for Quantum Computing Software Platform

avatar by Meir Orbach / CTech

Yoni Zimmermann, a quantum software engineer at Classiq, a startup whose platform companies can use to build quantum applications on for the quantum computer, works on the software platform, in Tel Aviv, Israel, February 2022. Classiq/Handout via REUTERS

CTech – Israeli company Classiq, which develops solutions for the quantum software market, announced on Thursday the closure of a $33 million Series B funding round. The funding round took place under the leadership of Phoenix, the venture capital arm of HPE, the investment arm of the Sumitomo Corporation (IN Venture), Spike Ventures, a Stanford University alumni investment fund and Samsung Next. The current round also included personal investments from Lip-Bu Tan, current president and former CEO of Cadence, and Harvey Jones, CEO of Synopsys, and a board member at Nvidia. The company’s previous investors, Entree Capital, Wing Capital, Team8, and OurCrowd, also participated in the round of funding. The capital raised by the company after the current round stands at $48 million.

Classiq was founded in 2020 by Nir Minerbi, currently the company’s CEO, Amir Naveh VP Product, and CTO, Dr. Yehuda Naveh. The company employs 30 employees in Tel Aviv and the United States and plans to grow to approximately 90 employees during the coming year.

Quantum computing is based on a vision that has existed since the 1980s. The hardware effort (i.e., building quantum computers) is led by the technology giants (IBM, Amazon, Microsoft, Intel, Google, and others), governments, and research centers. According to most predictions, the development is rapid, and quantum computing is expected to bring value to commercial use. Some of the predicted applications include drug discovery, advanced materials, optimization, problems from the financial world, machine learning, and environmental research.

Classiq developed a technological solution that facilitates a simpler way for quantum computer software development and allows people who are not necessarily quantum specialists in programming this type of software. The Classiq solution is also geared toward scaling, for a future where there will be thousands of qubits and even the most experienced of quantum developers will not be able to program using existing methods. The company said that its customers include some of the largest organizations in the world, including corporations and academic institutions. At the same time, Classiq collaborates with technological giants such as Amazon, Microsoft, IBM, and Nvidia that are working to construct quantum computers.

“The quantum computing revolution is in full swing. In recent years the vision is rapidly becoming a reality and is creating a real ‘arms race’ for constructing the quantum computer,” said Nir Minerbi, Classiq co-founder and CEO. “Parallel to constructing the hardware led by the technological giants, Classiq is leading the world of software and enabling organizations today to develop the software that will bring tremendous value over the coming years.”

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