Qunova Computing, a developer of quantum software applications based in Daejeon, South Korea, has announced a Series A funding round of $10 million USD (13.5 billion Korean Won). The round includes investments from GS Ventures, Korea Development Bank, GU Equity Partners, Company K, Quantum Ventures Korea, JB Investments, CKD Venture Capital and Daesung Private Equity. This funding is intended to support the company’s next phase of evolution, which includes deploying additional capital for team expansion.
The funding is tied to Qunova’s quantum algorithm, HI-VQE (Handover Iteration Variational Quantum Eigensolver). The algorithm is hardware agnostic and has been tested on multiple quantum computers, including those developed by IBM. The HI-VQE algorithm’s design is a Hybrid Quantum-Classical (HQC) computing model that aims to reduce resource demands while improving processing speed and calculation accuracy. Qunova reports that its algorithm has demonstrated performance for quantum chemistry applications with qubit counts as high as 68. The HI-VQE algorithm was also added to IBM’s Qiskit functions catalog earlier this year.
The company’s algorithms are designed to bring quantum advantage to the chemical, pharmaceutical, and industrial engineering sectors. The funding is intended to help Qunova deliver quantum advantage to industrial users by addressing challenges on the hardware side with an algorithmic approach. The company also has an algorithm designed to handle up to 100,000 combinatorial variable optimization solutions on NISQ computers.
Read the full announcement here.
August 18, 2025
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