Quantum computers have the potential to perform extremely complex calculations in minutes that would have taken classical computers thousands of years. However, much of the industry is still in its infancy due to a lack of subject matter experts and software tools to match advances in quantum hardware.
Companies are now working to simplify the development process for quantum software applications so that programmers don’t need to actually understand the underlying quantum mechanics. One of the early stage startups making such efforts is Singapore-based Horizon Quantum Computing. The company’s tools can automatically build quantum algorithms based on programs written in classical languages.
The company recently raised $18.1 million in Series A funding from Tencent alongside other investors, raising equity financing to around $21.3 million. Other investors in the Series A round include Sequoia Capital India, SGInnovate, Pappas Capital and Expeditions Fund.
The funds raised will be used for product development and European expansion, with the company planning to open an office in Dublin, Ireland. The startup also plans to launch an early access program for its developer tools later this year.
Singapore is widely known as a financial hub, but it is also one of the most active governments in supporting quantum technology. Joe Fitzsimons, Founder and CEO of Horizon Quantum Computing Formerly a professor, he was established under the city-state’s Research Center of Excellence Program to advance research in cutting-edge fields.
“Singapore already had the right talent when I jumped out of academia. [for quantum computing] Fitzsimmons, who holds a PhD from the University of Oxford, said:
Neutral location
As a historically politically neutral country, the founders believe Singapore is also less prone to trade and technological sanctions.
This is important in a world where businesses are increasingly embroiled in a tech war between the US and China / Now launches from a neutral home base will drive quantum computer builders who rely on components sourced from around the world. It is considered a prerequisite for many technology companies, including the world.
Tencent’s investment in Horizon Quantum Computing is purely financial, so the transfer of sensitive data is not necessary, the founders said. He said the startup received investment from his Tencent because the giant is an “expert” in the field.
In fact, the social networking and gaming giant has shown keen interest in the space by opening a quantum lab in 2018. Through his contract at Horizon Quantum Computing, Fitzsimons has known him since his days studying quantum computing at Oxford.
“At Tencent, we take a long-term view of quantum. Our own quantum lab focuses on basic research, first-principles simulations, quantum algorithms, and how these can help our enterprise customers. We’re on the right track,” Ge said at an industry event last year.
“When it comes to investing, we take a science-driven approach. One of the challenges of investing in quantum is what we call the ‘black box’ paradox. The challenge of evaluating early-stage Deep His technology companies in areas such as quantum, nuclear fusion, and biotechnology is daunting, as the core technology is in the early proof-of-concept stages. It is difficult to assess and understand what stage of maturity it really is.
“So depending on the investment stage, we take appropriate steps to mitigate the risk of this black box paradox. This is achieved through our deep technical expertise,” she said.
