February 20, 2022
The company is developing a platform for writing algorithms for a quantum computer. Among the investors in the current round: the investment arms of HPE and Samsung, and Lip Bo-tan and Harvey Jones. “A turning point in the quantum industry”
Classiq from Tel Aviv, which is developing a platform for writing algorithms for quantum computers, has completed a $ 33 million capital raising in Round B. Among the new investors who have joined the company in the current round are the investment arms of Hewlett Packard Enterprise and Samsung, Phoenix Insurance Company. , The Stanford alumni Spike Investment Group, as well as private investors Chairman of Cadence Lip Bo-tan and serial entrepreneur and founder of Tensilica Harvey Jones. Classic has raised about $ 48 million since its inception about two years ago.
Classic intends to use the funds to triple its workforce and open offices in different parts of the world. Classic CEO and co-founder Nir Minervi said: “The capital raising is taking place at a significant point in time. The quantum industry is beginning to move from quantum product consulting services, and production prototypes, and we will continue to position ourselves as a platform that enables entities with groundbreaking thinking to develop break-even quantum software that makes the impossible possible. ”
Classic was founded in May 2020 by CEO Nir Minervi, R&D CEO Amir Naveh and Chief Technologist Yehuda Naveh. The company is developing solutions that will allow applications to be written for quantum computers, and it already has a number of customers in the fields of banking, materials engineering and pharmaceuticals. In recent years, there has been a breakthrough in quantum computing, and many technology giants are building increasingly powerful quantum computers capable of performing significant tasks. However, to carry out the revolution you need software tools that will allow you to write applications for quantum computing, which is what Classic does.
Classic recently launched the beta version of its development platform, making it available to a number of first customers, and later the company plans to open the use to dozens of other customers. Classic is also part of the Israeli consortium for building a national quantum computer, led by the Innovation Authority and Mapat in the Ministry of Defense, which last week announced a plan to build a blue-and-white quantum computer within a year at a cost of NIS 200 million.
Listen to a conversation with Classic CEO Nir Minervi, from Program # 22 on the Techtime podcast, which aired in August 2020:
Posted in categories: Raising Capital, News
Posted in tags: Quantum Computer, Classic
