Israeli tech start-up specializing in quantum computing secures $14.5 mln

Classiq works in the realm of quantum computing, which is used to solve complex problems in science, medicine, machine learning, etc.

By JERUSALEM POST STAFF
[Illustrative] A man holds a laptop computer as cyber code is projected on him. (photo credit: KACPER PEMPEL/REUTERS)
[Illustrative] A man holds a laptop computer as cyber code is projected on him.
(photo credit: KACPER PEMPEL/REUTERS)
Israeli tech start-up Classiq secured $14.5 million during its most recent round of funding, the company announced on Wednesday.
The Series A funding round garnered a total of $10.5 million from investors, led by Team8 and Wing Venture as well as Entrée Capital - the latter invested a separate $4 million during the seed financing round.
Classiq works in the realm of quantum computing, which expected to make leaps and bounds forward over the next few years. It is used to solve complex problems in science, medicine, machine learning, etc.
However, it is a field with little advancement considering it is still in it infancy. Not much is known about the creation of quantum algorithms, and the ones that are available number in handfuls.
Some calculations have too many possibilities for even a traditional computer to calculate like simulating the weather or calculating scrambled combinations of prime numbers.
Quantum is the state of things being unknown at the subatomic level until they can be observed and moves from the byte to the “qubit.” In a quantum computer, it is said that the values assigned to 0 and 1 can occur at the same time. The reason this impossibility is possible is because of quantum’s subatomic level where protons and electrons are acting in a wild way beyond the rules of nature as we tend to think of them. Picture The Avengers’ superhero Antman shrinking into the quantum zone where time did not even move in a linear fashion.
In computer terms, once the values of 0 and 1 can happen at the same time, it allows the quantum computer to consider trillions of possibilities or more in the same instant, dwarfing the number of calculations that our traditional computers, stuck in binary counting, can do.
Classiq solved the issue in quantum software development and created its own way to develop new ones. It recently introduced a way to "automatically translate human-defined concepts into valid quantum circuits, providing the fundamental elements needed to produce quantum algorithms."
“The world is at the precipice of a technology that will advance entire industries, and we are excited to be playing a crucial role in its development,” said CEO and Co-founder of Classiq Nir Minerbi. “We’ve reached a point where quantum computing is no longer just a dream. Every quantum algorithm truly is a revolution, and we intend to drive forward the ultimate goal of quantum algorithm expansion .”
“We are thrilled to be working with Classiq, assisting the team in achieving their goals of advancing the quantum computing industry,” said Managing Partner at Team8 Capital, the investment arm of Team8 Group Sarit Firon. “As the quantum era takes off, they have managed to solve the missing piece in the quantum computing puzzle, which will enable game-changing quantum algorithms. We look forward to seeing the industry grow, and witnessing how Classiq continues to mark its place as a leader in the industry.”
Zachary Keyser and Yonah Jeremy Bob contributed to this report.


Related Tags
start-up
fundraising