Singapore-based firm building software development tools to unlock the potential of quantum computing hardware, Horizon Quantum Computing, raised USD 18.1 million in Series A. Sequoia Capital India, Tencent, SGInnovate, Pappas Capital as well as Expeditions Fund led the financing for the company. The round took place on March 31, 2023.
Purpose of financing for Horizon Quantum Computing
With the latest capital injection, the company has plans to strengthen its science and engineering teams. It also intends to accelerate product development.
Meanwhile, the company looks to establish its new engineering centre in Europe and bring Horizon’s unique technology to the market.
As of the total funding, Horizon Quantum Computing now stands at approximately USD 21.3 million.
What the company’s official has to say
CEO Dr Joe Fitzsimons said, “Quantum computing has the potential to completely change how we think about computing. While getting too large-scale quantum computing is a daunting challenge, it is undeniable that progress towards that goal is being made. At Horizon, we focus on unlocking the power of future quantum computers and have made significant headway towards our goal of enabling conventional software developers to take advantage of the technology through abstraction and automated algorithm synthesis. The new investment will support our effort to break through the barriers to useful quantum computation.”
What the investor has to add
Pieter Kemps, Partner, Surge at Sequoia Capital India and Southeast Asia, further added, “We have been bullish on the developer economy thesis for a long time. At the same time, we believe that a tectonic shift will be driven by advancements in quantum hardware. But unlocking quantum computing for millions of developers is no small feat. Wouldn’t it be amazing if any developer could develop quantum algorithms with little to no prior quantum experience? This is the future that Horizon is enabling. We believe in Joe’s product vision around abstracting the underlying quantum physics to enable developers to create quantum software with ease, and we have been hugely impressed by the technological breakthroughs that the team has achieved in a short period of time.”
About the company
In 2018, Dr Joe Fitzsimons launched the company. Horizon Quantum Computing is developing a new generation of programming tools. It seeks to simplify and expedite the process of developing software for quantum computers. It recently opened its first European offices in Ireland, where it is building out its new engineering centre.
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