State Farm Ventures has invested in Singapore-based quantum computing software company Entropica Labs, extending the company’s Series A round to a total of $5.5 million. This investment marks a significant step in the collaboration between the two companies to drive the adoption of quantum computing technology.
Entropica Labs focuses on developing logical design software for quantum computing, particularly in the area of fault-tolerant quantum error correction. The additional funding will accelerate their research and product development, enabling more reliable and accurate quantum computations.
Entropica’s CEO, Tommaso Demarie, expressed enthusiasm about the partnership, noting that State Farm’s support will allow for testing quantum computing tools in insurance-related use cases, fostering mutual growth and innovation.
A news release on the funding announcement is available here.
September 12, 2024
