Classiq, a Tel Aviv, Israel – based quantum computing company, secured $10.5m in Series A funding.
The round was led by Team8 and Wing Venture Capital, with additional participation from Entrée Capital, OurCrowd and IN Venture, the corporate venture arm of Sumitomo Corporation in Israel. It follows a $4m seed financing round from Entrée Capital.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Nir Minerbi, CEO and Co-founder, Classiq develops a tool to automatically translate human-defined concepts into valid quantum circuits, providing the fundamental elements needed to produce quantum algorithms.
The company was established in May 2020, and shortly after, participated in Intel’s startup growth program, Intel Ignite.