- QC Ware helps large companies investigate use cases for quantum calculation.
- The startup raised $ 25 million in a Series B round of funding on September 29.
- Here is the pitch tire QC Ware used to raise the money.
Even though banks and hedge funds is still several years out from adding quantum computing to their technology arsenals, it has not stopped Wall Street giants from investing time and money in the new technology class.
And the momentum for QC Ware, a startup that wants to reduce the time and resources it takes to use quantum computing, is accelerating. Fintech secured a $ 25 million Series B series on September 29 in partnership with Koch Disruptive Technologies and Covestro with the participation of DE Shaw, Citi and Samsung Ventures.
QC Ware, founded in 2014, builds quantum algorithms for e.g. Goldman Sachs (som led fintechs series A), Airbus and BMW Group. The algorithms, which are effectively code bases containing quantum processing elements, can run on any of four major public cloud providers.
Quantum computing allows companies to perform complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially useful in banking for risk analysis or algorithmic trading, where performing calculations milliseconds faster than competition can give companies a leg up.
“With all of our investors, with each one, there’s a strategic dimension to the investment,” QC Ware CEO Matt Johnson told Insider. “Almost every one of our investors cares about having a front seat as technology evolves.”
And while quantum computing has significant potential, the resources required to use it are still too large to be more cost-effective than traditional computers.
QC Ware aims to mitigate this by designing algorithms that reduce the resource requirements of quantum computers by using the least amount of steps to solve the problem.
For example, QC Ware’s collaboration with Goldman Sachs to design an algorithm to accelerate derivative price calculations reduced the waiting time for the required quantum hardware from 10 years to five, said Yianni Gamvros, head of business development at QC Ware.
Since each algorithm is built per. Usage case, QC Ware will use the new funds to double its team to 60, staffed with quantum engineers to build the specialized algorithms and software engineers to build a more expansive cloud service.
Here’s the pitching QC Ware used to raise its $ 25 million Series B.
Disclaimers for mcutimes.com
All the information on this website - https://mcutimes.com - is published in good faith and for general information purpose only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.