Computer software startup Quantum QC Ware raises $ 25 million

By Jane Lanhee Lee

OAKLAND, Calif. (Reuters) – QC Ware, a Silicon Valley-based quantum computing software startup with leading clients like Goldman Sachs Group, Inc, said on Wednesday it had raised $ 25 million.

The funding round was led by Koch Disruptive Technologies, an investment arm of Koch Industries, and Covestro AG, a chemical company in Germany.

Researchers believe quantum computers could run millions of times faster than today’s advanced supercomputers, potentially making tasks such as mapping complex molecular structures and chemical reactions possible to increase the power of intelligence artificial.

While there is debate as to when quantum computers will be able to solve real-world problems, many companies are dedicating resources to making sure they’re ready, bringing income to startups like QC Ware. said CEO Matt Johnson.

“The companies that come to us are the ones that haven’t moved quickly into machine learning and AI and have found themselves with flat feet,” Johnson said.

Koch Industries is one of them, according to Navin Maharaj, director of Koch Disruptive Technology. “With quantum, we’re trying to get a bit ahead of the eight,” Maharaj said.

QC Ware said its software can run on any type of quantum computer. He works with companies to develop quantum algorithms to solve industry-specific problems. Johnson said QC Ware is focusing on the chemical industry for drug development and financial services, two areas where he believes quantum computers will have early practical uses.

The latest funding will help the company expand its engineering team, Johnson said. It currently has approximately 35 employees and will have approximately 55 employees over the next 12 to 18 months.

(Reporting by Jane Lanhee Lee; editing by Richard Pullin)

Source link

About Mariel Baker

Check Also

Will Nepo’s supercomputer give him an edge over Carlsen for the world title? | Chess

IIt would count as one of the most seismic shocks in modern chess history if …