Quantum Software Maker Quantagonia Raises €4.3 Million Seed Round

Insider Summary

• Quantagonia announced that they raised a €4.3 Million Seed Round.
• The round was led by Tensor Ventures, along with technology VCs in Europe, sovereign holding companies and family offices.
• The capital raised by Quantagonia will be used for further product development and sales expansion.

PRESS RELEASE — Quantagonia, a company focused on quantum computing software, has successfully completed a seed fundraiser led by Tensor Ventures, increasing its total funding to 4.3 million euros. Apart from three tech VCs in Europe, financial support has also been secured from state holdings and family offices. Quantagonia’s unique B2B SaaS “Hybrid Quantum Platform” stands out for its ability to leverage existing computer programs while combining the advantages of classical and quantum computing. The startup’s goal is to extend the benefits of the Hybrid Quantum Platform to a broad spectrum of markets. The capital raised by Quantagonia will be used for further product development and sales expansion.

Quantum Computing Solutions

More and more companies are facing larger decision-making models and increased demands on the control of their processes. Traditional computers, with their current architecture, are approaching their limits in terms of optimization algorithms, simulation processes and applications of Artificial Intelligence (AI). Quantum computing, an evolving technology, presents potential solutions to these problems by completing tasks faster or even providing possible solutions for the first time. The challenge today, however, is that existing program and application code is not compatible with the new quantum computers, requiring a redefinition of algorithms and programs. Quantagonia envisions a revolution in computing and its applications: Its Hybrid Quantum Platform aims to facilitate the execution of existing program code on both classical and quantum computer architectures. This allows the way for innovative and dominant use of AI-based solutions.

“This is very important for German And Europe to take action now and become ‘quantum ready’. We must not allow repetition of missed breakthroughs and subsequent failures to usurp innovation, as we experienced with the introduction of Artificial Intelligence. Enterprises need to take urgent action to take advantage of the advantages that Quantum Computing will offer in the future,” said Dirk ZechielCEO and co-founder of Quantagonia.

“In Germany, the transfer from basic research to industry in general is still too complicated. Quantagonia stands out as one of the few European startups facilitating this process, leveraging their expertise in successful business research and development, thereby strengthening our economic and technological location,” said Martin Drdul of new lead investor Tensor Ventures.

After the pre-seed round entered December 2021which includes participation from FTTF (Fraunhofer Technology Transfer Fonds), Finnish Deep-Tech VC Voima Ventures, and German family office, Quantagonia has increased its investment volume to a total 4.3 million euroswith the addition of European Deep Tech VC Tensor Ventures, Beteiligungs-Managementgesellschaft Hessen, and subsequent investment from existing backers.

Quantagonia’s Quantum Hybrid platform provides customers with access to applications in the AI, optimization, and simulation sectors. It integrates seamlessly with leading manufacturers of both classical hardware (i.e., CPU & GPU) and quantum hardware. Through the available HybridSolver, customers can now solve optimization problems using quantum computers and classical hardware with proof of optimality. Even for customers who have yet to adopt active quantum applications, Quantagonia offers the expertise to perform use case analysis and implement future-oriented solutions.

Found in November 2021 by Dirk ZechielProf. Sabina JeschkeProf. Dr. Sebastian Pokutta, and Philip Hannemann, the team now consists of 15 experts combining expertise in computer science, physics, mathematics, and successful business development. To continue to lead technological change, Quantagonia is currently working to accelerate the development and implementation of its platform while increasing its market reach.