Classiq Technologies Ltd., a startup building the software needed to write algorithms for quantum computers, said today it has raised $110 million in a Series C funding round.

Today’s round is said to be the largest ever for a quantum software company. Entrée Capital Led the round. Others, including Norwest, NightDragon, Hamilton Lane, Clal, Neva SGR, Phoenix, Team8, IN Venture, Wing, HSBC, Samsung Next and QBeat also participated, bringing the startup’s total amount raised to date to $173 million.

Classiq is the creator of a platform that helps developers write applications for quantum computers without learning the intricacies of quantum computing itself. It says it can help companies to create highly sophisticated and optimized, hardware-aware quantum circuits and algorithms that few developers could write by themselves. With its platform, users can also customize their algorithms for different workloads, including quantum optimization, finance, chemistry and machine learning.

The startup is addressing the reality that quantum computing is a completely different ballgame than classical computers. These futuristic machines, which are still in development, rely on the properties of quantum mechanics to potentially perform vastly more complex calculations than any traditional computer can. But with this new kind of hardware comes the need for new kinds of software algorithms.

Classiq co-founder and Chief Executive Nir Minerbi (pictured, right, alongside co-founders Yehuda and Amir Naveh) likens his company to the “Microsoft of quantum computing” and says it’s delivering the “essential software stack” needed to create real-world quantum applications.

The company says its platform provides advantages such as accelerated onboarding, enabling developers and data scientists get to grips with quantum computing much faster than they otherwise would.

It also supports hardware-agnostic development, so users can write their quantum applications just once and run them on cloud-based quantum services such as Amazon Braket, Microsoft Azure Quantum and Google Cloud. It boasts further integrations with quantum hardware and services from companies such as IBM Corp., IonQ Inc., Rigetti Computing Inc. and Alice & Bob SAS.

Holger Mueller of Constellation Research Inc. said Classiq has already emerged as one of the leading quantum software platforms, and believes the latest funding round points to an industry that’s rapidly maturing.

“Classiq provides an abstraction layer between different quantum computing platforms, and its claim to do for the industry what Microsoft does for classical computers is a valid one,” the analyst said. “But quantum computing has been in the works for years already, and we’re getting to the stage where it needs to materialize and start showing how it can make a real difference for enterprises. We will see if Classiq can help bring us to that point.”

Classiq said its platform has already seen lots of interest, with “dozens” of enterprises and “hundreds” of academic institutions using its tools to experiment with quantum computing. In the last year it has tripled both its customer base and its revenue, it added.

Some of its best-known customers include the banking giant Citigroup Corp. and the technology consultancy Deloitte Touche Ltd., while the automakers BMW AG and Rolls-Royce Motor Cars Ltd. are also using its platform for research purposes. Classiq also names Microsoft Corp., Amazon Web Services Inc. and Nvidia Corp. as collaborators.

Entrée Capital Managing Partner Avi Eyal said these partnerships demonstrate that Classiq has emerged as “the clear leader in the quantum software category,” building the operating system and compiler “for all quantum computers.”

The startup, which claims more than 60 patents relating to core quantum modeling and compilation technologies, said today’s funding will help it to scale its go-to-market, customer success, and research and development teams.

Photo: Classiq