Quantum software startup Classiq announced the participation of three industry leaders – HSBC, NTT Finance, and Intesa Sanpaolo – in the second closing of its Series B funding. This comes on the heels of its earlier Series B round news, and brings Classiq’s funding for this round to $36 million and its overall funding to $51 million. It also demonstrates that key industry players view quantum as a strategic imperative.
Japan’s NTT is the world’s fourth-largest telecom company and a Classiq customer using the platform to create novel credit risk analysis algorithms in the quantum field. Intesa’s investment was made via its VC vehicle Neva SGR. They join existing investors Wing VC, Entrée Capital, Hewlett Packard Enterprise, Team8, Phoenix, Sumitomo Corp. (through IN Venture), OurCrowd, Spike Ventures, Samsung NEXT, and chip design titans Lip-Bu Tan and Harvey Jones.
Classiq CEO Nir Minerbi said in a statement. “Quantum is poised to be one of the most impactful technology categories of the coming decades, and these companies share our vision of what quantum could deliver and understand the problems that need to be solved to reach that goal.”
“Quantum computing has the potential to overhaul how we operate areas of the bank, like option pricing and risk analysis, which would lead to greater efficiencies and customer service improvements,” said Steve Suarez, global head of innovation in Global Function at HSBC, in a statement.
Mario Costantini, CEO of Neva SGR, said in a statement: “We decided to invest in this highest potential technology because we think it could guarantee excellent returns to our investors. In addition, we are seeing the same high potential in several industrial sectors, including the financial one, which is already testing these new technological frontiers.”
Quantum computing will change cybersecurity and national security posture, prompt investment, and unlock value in the world. Leading public and private organizations will use quantum to solve complex problems and create innovative, new solutions across disciplines.