By Jane Lanhee Lee
OAKLAND, Calif. (Reuters) – QC Ware, a Silicon Valley-based quantum computer software startup with high profile clients including Goldman Sachs Group, Inc, announced Wednesday that it had raised $ 25 million.
The financing round was led by Koch Disruptive Technologies, an investment arm of Koch Industries, and Covestro AG, a German chemical company.
Researchers believe quantum computers could work millions of times faster than today’s modern supercomputers, potentially enabling tasks like mapping complex molecular structures and chemical reactions to boost the power of artificial intelligence.
While there is some debate about when quantum computers will be able to solve real world problems, many companies are allocating resources to make sure they are ready and startups like QC Ware are generating revenue, said CEO Matt Johnson.
“Companies that come to us are those that haven’t made rapid progress on machine learning and AI and have stayed on the ground,” said Johnson.
Koch Industries is one of them, according to Navin Maharaj, director of Koch Disruptive Technology. “With Quantum, we’re trying to be a little ahead of the eight ball,” said Maharaj.
QC Ware said its software can run on any type of quantum computer. It works with companies to develop quantum algorithms to solve industry-specific problems. Johnson said QC Ware is focused on the chemical industry for drug development and financial services, two areas where he believes quantum computers will have early practical use.
The latest funding will help the company expand its engineering team, Johnson said. The company currently employs around 35 people and will grow to around 55 over the next 12 to 18 months.
(Reporting by Jane Lanhee Lee; editing by Richard Pullin)