PALO ALTO, Calif., Sept. 29, 2021 /PRNewswire/ -- QC Ware, the leading developer of quantum algorithms running on near-term quantum computing hardware, today announced it has raised $25 million in Series B funding. Koch Disruptive Technologies, an investment unit of Koch Industries, and Covestro, one of the world's leading polymer companies, co-led the round with participation from Samsung Ventures and returning investors Citi, the D. E. Shaw group, and Pegasus Tech Ventures. The new capital will be used to expand the QC Ware team, composed of some of the world's foremost quantum algorithms and quantum computing experts, to support the accelerated development of Forge™.
QC Ware's growing network of customers, which includes Aisin Group, Airbus, Air Force Research Laboratory (AFRL), BMW Group, Equinor, Goldman Sachs, and Total collaborate with QC Ware on the design of practical algorithms that deliver performance on near-term quantum computing hardware. By potentially halving the industry timeline for quantum advantage, QC Ware has boosted enterprise and U.S. federal sector adoption of its algorithms for quantum machine learning, quantum Monte Carlo simulations, and quantum optimization. The company is experiencing brisk growth in collaborations with customers and hardware partners in fields that are ripe for quantum disruption, including chemistry simulations, materials discovery, drug design, and beyond.
"QC Ware's revenues have been climbing at a strong and steady pace as organizations around the world ramp up their explorations of quantum computing algorithms to help solve some of their biggest challenges and gain competitive advantage," said Matt Johnson, CEO, QC Ware. "With a hyper-focus on practical quantum computing we will use the new investment to align the Forge software platform with the great headway we've been making in global markets."
Designed for data scientists and quantum engineers, Forge delivers a competitively advantageous path to quantum readiness. Forge distinguishes itself from other quantum computing cloud services by providing users with access to pioneering and fine-tuned turnkey quantum algorithms for practical industry problems.
QC Ware collaborates with some of the world's leading Fortune 500 companies and government organizations to explore and test drive quantum computing algorithms. Learnings from these projects are distilled into the quantum algorithms on Forge. With the new funding, QC Ware will further expand its team to meet high customer demand for collaborations in algorithm development.
"Accelerating complex R&D processes is critical to the transformation of the chemical and plastics industries towards carbon neutrality and a circular economy," said Torsten Heinemann, Head of Group Innovation at Covestro. "At Covestro, we're fostering new digital technologies that will increase computing power and drive the development of sustainable products for our customers. Our investment in QC Ware stems from our collaborative explorations with the QC Ware team in developing quantum computing applications for future materials discovery."
"Quantum computing has significant potential to disrupt industries in ways that weren't possible before, including multiple opportunities we're already evaluating across Koch Industries," said Navin Maharaj, Director at Koch Disruptive Technologies. "QC Ware is consistently pushing software and hardware limits with a focus on delivering transformative quantum applications to customers, and we are excited to partner with the QC Ware team to accelerate the company's next phase of growth."
"QC Ware's research in financial services demonstrates the promise of quantum computing in the sector," said Sandeep Arora, ICG Head of Digital and ICG Chief Investment Officer at Citi. "We are looking forward to exploring how quantum computing can benefit Citi as the space continues to develop."
Samsung Ventures' investment in QC Ware aligns with the venture firm's focus on technologies that have great potential to drive new growth engines, including quantum computing. It especially illustrates Samsung Ventures' support of QC Ware's advances in developing quantum software that significantly cut the timeline for the real-world implementation of practical quantum computing.
Koch Disruptive Technologies' Navin Maharaj and Citi's Sandeep Arora will join QC Ware's board of directors.
About QC Ware
QC Ware is a quantum software and services company focused on ensuring enterprises are prepared for the emerging quantum computing disruption. QC Ware specializes in the development of applications for near-term quantum computing hardware with a team composed of some of the industry's foremost experts in quantum computing. Its growing network of customers includes AFRL, Aisin Group, Airbus, BMW Group, Equinor, Goldman Sachs, and Total. QC Ware Forge, the company's flagship quantum computing cloud service, is built for data scientists with no quantum computing background. It provides unique, performant, turnkey quantum computing algorithms. QC Ware is headquartered in Palo Alto, California, and supports its European customers through its subsidiary in Paris. QC Ware also organizes Q2B, the largest annual gathering of the international quantum computing community.