Oakland, Calif. Sep 29 (Businesshala) – QC Ware, a quantum computer software startup based in Silicon Valley with high-profile clients such as Goldman Sachs Group, Inc., said on Wednesday that it raised $25 million.
The funding round was led by Koch Disruptive Technologies, an investment arm of Koch Industries, and Covestro AG (1COV.DE), a chemical firm in Germany.
Researchers believe quantum computers could operate millions of times faster than today’s advanced supercomputers, potentially increasing the power of artificial intelligence to perform tasks such as mapping complex molecular structures and chemical reactions. can do.
While there is some debate about whether quantum computers will be able to solve real-world problems, many companies are devoting resources to ensuring that QCs are bringing in revenue for startups like Ware, CEO Matt Johnson said. said.
“The companies that came to us didn’t move fast enough on machine learning and AI and found themselves flat,” Johnson said.
According to Naveen Maharaj, Director, Koch Disruptive Technology, Koch Industries is one of them. “With Quantum we are trying to go a little beyond eight balls,” said Maharaj.
QC Ware said its software can work on any type of quantum computer. It works with companies to develop quantum algorithms to solve industry specific problems. Johnson said QC Ware is focused on the chemical industry for drug development and financial services, two areas where he thinks quantum computers will have early practical use.
Johnson said the latest funding will help the company expand its engineering team. At present it has around 35 employees and in the next 12 to 18 months it will be increased to around 55.