Classic has completed raising $10.5 million to accelerate software development for quantum computing

Classic has developed capabilities to simplify the operation of building algorithms in quantum computing with the help of automation and synthesis

The team of the start-up company Classic. Photo: David Grab.
The team of the start-up company Classic. Photo: David Grab.

Classiq, which enables the development of advanced quantum computing algorithms and applications, today announced the completion of a round A fundraising of $10.5 million led by Team8, Wing Capital and with the participation of investors from Entrée Capital, OurCrowd, and the Japanese corporation Sumitomo.
The financing raised by Classic in the current round joins the company's seed fundraising led by Entrée Capital from last May, totaling $14.5 million.

In recent years, the world of quantum computing has experienced a revolution. Companies such as IBM, Google, Intel and Amazon, along with other companies, are already developing quantum computing technologies that are expected to revolutionize huge industries (pharma, finance, AI, automobiles, energy, etc.). Still, the field of quantum computing is still in its infancy, making the development of quantum computing algorithms an almost impossible task. After decades of research, a tiny number of quantum algorithms have been developed so far. Quantum computing hardware is developing rapidly, but there are still major challenges in software advancement due to the lack of abstraction, the most fundamental principle in software development.

Classic solves this bottleneck of quantum computing software development by creating an entirely new way to develop quantum algorithms. It is the first company to develop the essential tools for automatically translating human ideas into quantum circuits and to provide the basic elements required to create quantum algorithms.

"The world is on its way to a revolution that will advance entire industries, and we are happy to take such a fundamental part in it," said Nir Minrabi, co-founder and CEO of Classic. "We have reached a point where quantum computing is not just a dream. Every quantum algorithm constitutes a real revolution, and Classic will enable the development of many algorithms that will fundamentally change huge industries."

"We are pleased to work together with Classic and help them achieve their goals in advancing the quantum computing industry," said Sharit Piron, co-director of Team8, the investment arm of the Team8 Group. "The field of quantum computing is growing rapidly and they were able to solve the missing piece of the quantum computing puzzle, which will enable a revolution in the design of quantum algorithms. We look forward to seeing the continued growth of this industry and Classic continuing to shape its position as a market leader."

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