Quantum computer software startup QC Ware raises $25 mln – Reuters

Quantum computer software startup QC Ware CEO Matt Johnson speaks at the company’s annual Q2B quantum computer conference in San Jose, California, in this December 10, 2019 handout photograph. Courtesy of QC Ware/Handout via REUTERS
OAKLAND, Calif. Sept 29 (Reuters) – QC Ware, a quantum computer software startup based in Silicon Valley with high profile customers like Goldman Sachs Group, Inc, said on Wednesday it raised $25 million.
The funding round was led by Koch Disruptive Technologies, an investment arm of Koch Industries, and Covestro AG (1COV.DE), a chemical firm in Germany.
Researchers believe quantum computers could operate millions of times faster than today's advanced supercomputers, potentially making possible tasks such as mapping complex molecular structures and chemical reactions to boosting the power of artificial intelligence.
While there is some debate about when quantum computers will be able to crack real world problems, many companies are dedicating resources to ensure they are ready, bringing revenue to startups like QC Ware, said CEO Matt Johnson.
"Companies that come to us are ones who didn't move quickly on machine learning and A.I. and found themselves flat footed,” said Johnson.
Koch Industries is one of them, according to Navin Maharaj, Director at Koch Disruptive Technologies. "With quantum we're trying to get ahead of the eight ball a bit," said Maharaj.
QC Ware said its software can operate 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 thinks quantum computers will have early practical uses.
The latest funding will help the company expand its engineering team, said Johnson. It currently has about 35 employees and will build that out to about 55 in the next 12 to 18 months.
(This story has been refiled to fix Koch Disruptive Technologies name in paragraph 6)
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Russian authorities on Thursday warned social media giant Facebook it faces a fine of up to 10% of its annual turnover in the country unless it deletes content Moscow deems illegal.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Information, analytics and exclusive news on financial markets – delivered in an intuitive desktop and mobile interface.
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved

source