The company Horizon Quantum Computing, based in Singapore, announced that it had secured $18.1 million Series A investment from Sequoia Capital India, Tencent, SGInnovate, Pappas Capital, and Expeditions Fund. The company develops software development tools to maximize the capabilities of quantum computing hardware.
According to a statement from Horizon Quantum Computing, the investment round will accelerate the company’s growth by enabling it to strengthen its science and engineering teams to quicken product development, establish a new engineering hub in Europe, and market Horizon’s distinctive technology.
The statement claims that the firm’s total funding is currently around $21.3 million.
“Quantum computing has the potential to completely change how we think about computing. While getting to large-scale quantum computing is a daunting challenge, it is undeniable that progress towards that goal is being made,” said Horizon’s Chief Executive Officer Dr. Joe Fitzsimons.
He claimed that Horizon is a company that specializes in releasing the potential of upcoming quantum computers and that it has made significant progress toward its objective of enabling traditional software developers to utilize the technology through abstraction and automated algorithm synthesis.
“The new investment will support our effort to break through the barriers to useful quantum computation,” he added.
Both Sequoia Capital India and SGInnovate, which oversaw Horizon’s Seed+ and Seed rounds, reaffirmed their support for the company’s goal of offering tools to make quantum computer programming as simple and effective as it is for current conventional computers.
“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,” said Pieter Kemps, Partner, Surge at Sequoia Capital India and Southeast Asia.
“But unlocking quantum computing for the 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,” he further added.
The business is developing a system to help programmers transition from traditional code to applications that can run faster on quantum systems.
It should be noted that the company has already accomplished significant technological milestones by showcasing sophisticated compilation techniques, algorithm synthesis, and quick device characterization.
Horizon Quantum Computing demonstrated its integrated development environment and made the announcement that it would be launching an early access program this year at the Q2B conference in Silicon Valley in December 2022.