Classiq: A Quantum Computing Development Platform

Streamlining quantum computing development for developers and scientists

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Quantum computing promises a revolutionary leap in data processing capabilities. There are PhD courses dedicated to learning the underlying mechanics of quantum theory, but the practical ramifications and applications of the technology are easy to grasp. Quantum computers possess incredible potential in cryptographic security, artificial intelligence, complex physics simulations, and more. As a result, quantum computing will impact virtually all industries and sectors in the next few decades.

One example of the promise of quantum computing is Alumni Ventures portfolio company Classiq. It provides developers across industries a platform for developing useful quantum software and deploying it seamlessly on clouds and hardware devices of their choice. Classiq’s patented Quantum Algorithm Design platform delivers the higher-level abstraction* required to implement industrial-grade quantum circuits through a streamlined interface for developers and scientists.

*”Abstraction” in computing refers to the removal of details that are irrelevant combined with a focus on what is relevant in a given context

A New Programming Paradigm For Quantum

Classiq has created a dedicated platform for developers to easily create quantum circuits out of conventional functional code. This solves one of the primary challenges facing prospective quantum developers: quantum architecture requires a fundamentally different paradigm for writing programs. Conventional computers manipulate “bits” — logical 1s and 0s. Quantum computers manipulate “qubits,” which exist in a variety of states at any given time.

Classiq provides a Quantum Algorithm Design (QAD) platform that enables the creation of quantum circuits at a time when quantum computing is trending mainstream. QAD is the equivalent of computer-aided design (CAD) for quantum systems. With QAD, quantum software engineers and scientists can streamline the coding of prototype quantum programs.

What We Like About Classiq

Large Market Potential: IDC projects customer spend for quantum computing to grow from $412 million in 2020 to $8.6 billion in 2027. This represents a 6-year CAGR of 50.9% over the 2021-2027 forecast period.

Strong Technical Team: Classiq was founded by developers from Talpiot, an elite Israel Defense Forces (IDF) training program for recruits who have demonstrated outstanding academic ability in the sciences. These alumni are in high demand, and Classiq counts nine of them on their team.

Patented Technology: The company has a differentiated product and has filed 10 patents to date, with plans to file additional patents in the next several years. This positions them well for a surge in quantum-related tech development.

How We Are Involved

Spike Ventures (for the Stanford community) co-sponsored Alumni Ventures’ investment in Classiq, alongside sibling funds Strawberry Creek Ventures (for the UC Berkeley community), Westwood Ventures (for the UCLA community), and AV’s Total Access Fund and Deep Tech Fund. Together, the funds deployed capital in Classiq’s $33 million Series B co-led by Entree Capital and Phoenix Insurance Group.

Entrée Capital was founded in 2010 to provide multi-stage funding to innovative seed, early, and growth-stage companies all over the world. Entrée manages over $650 million across six funds and has invested in over 100 companies, including Monday.com (IPO), Snap (IPO), Stripe, Deliveroo (IPO), and PostMates (acquired for $3.9 billion by Uber).

Phoenix Insurance Group is a leader in Israeli multi-line insurance, asset management, and financial services, with over $60 billion AUM. The group serves a significant portion of Israeli households with a broad set of activities and solutions across businesses and client segments.

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Contact [email protected] for additional information. To see additional risk factors and investment considerations, visit av-funds.com/disclosures.