Jane Lanhee Lee

OAKLAND (California) – Quantum (NASDAQ) computer software startup Classiq based Tel-Aviv announced Thursday that it had raised $33 Million from Hewlett Packard Enterprise, Samsung Electronics, (OTC) Co Ltd, and other investors.

Although a quantum computer that can change the world is years off, several companies have gone public in the past year. Venture capital funds are also being raised for new hardware players. 

Quantum computers use the phenomena of quantum mechanics and hope to eventually operate millions of times faster than today’s advanced supercomputers.

Classiq, which was founded just 20 months ago, has now raised $48 billion. Although the company did not share their latest valuation, it declined to do so. The round included investments by Harvey Jones and Lip-Bu Tan, well-known executives and investors in chip industries.

Classiq offers a platform for other quantum software developers to create specific applications such as tools to optimize financial assets or for testing new molecules in drug discovery.

“In the last couple of years, we see many enterprises in various fields, in finance, in automotive, chemistry, establishing quantum software teams,” Nir Minerbi, co-founder and CEO at Classiq told Reuters. “They want to be able to prepare the software, to create the IP (intellectual property) by themselves.” 

Minerbi said software developed on Classiq’s platform will be able to scale up along with quantum computers’ developments.

Today’s quantum computers are still in the early stage with a limited number of quantum bits, or qubits, which is the computer’s processing power. The year ended in December IBM (NYSE:) It claimed it has a processor with a resolution of 127 qubits Eagle.

However, quantum computers still require thousands upon thousands of qubits in order to be able to execute game-changing algorithms.