Kipu Quantum, a German quantum software company, has successfully raised a seed round funding of 10.5 million EUR. This funding will be used for the further development of their hardware-specific quantum algorithms. The financing round was led by HV Capital and DeepTech & Climate Fonds (DTCF) with additional participation from existing shareholders, Entrada Ventures, Quantonation, and First Moment Ventures, and also new investors Onsight Ventures and QAI Ventures. The funds will be used to expand their team of quantum scientists, researchers, and engineers, with the goal of reducing the time to industrially-useful quantum computers by several years.
Kipu Quantum’s unique approach involves the development of massively compressed algorithms that allow the use of today’s quantum processors across multiple industries without waiting for larger quantum computers. These algorithms are based on a unique compression technology that requires significantly less quantum processor resources to solve a given problem than comparable approaches. This approach has led them to set a new performance world record for protein folding, beating the previous record by IBM. The company is currently testing its technology with customers in the pharmaceutical, chemical, logistics, and financial industries. They have announced several collaborations this year including ones we previously reported on with the German Aerospace Center (DLR), University of Santiago de Chile, QuEra, and Pasqal
A press release provided by Kipu Quantum announcing this new funding is available here.
December 19, 2023