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February 16, 2024 — Future Labs Capital, a private equity venture capital firm that invests in best-in-class quantum computing and artificial intelligence (AI) technology, has invested an undisclosed amount. q braidis an industry leader and rapidly growing one-stop quantum computing software platform based in Chicago, Illinois.
The capital injection from Future Labs Capital will be used by qBraid to increase enterprise deals for its quantum platform and drive expansion into lucrative markets such as Canada, the EU, the UK, and Japan. Armed with enhanced financial resources, qBraid is poised to expand its global presence and solidify its position as a leader at the forefront of enabling quantum computing hardware and software.
This funding not only fuels geographic expansion, but also fuels additional talent resources and team growth, empowering qBraid to forge additional large-scale strategic partnerships, while enabling new quantum enterprise partners to develop their own Accelerate product development initiatives to build quantum marketplace products that enable you to launch products. Products on the qBraid platform.
The team’s growth allows for more contracts, including contacts with the federal government (the federal government is the largest spender in quantum computing), such as the U.S. Economic Development Administration’s (EDA) Tech Hub Grant. It will look like this. More than $500 million in funding opportunities will be awarded to designated technology hubs across the country.
Founded in Louisville, Kentucky in 2022, Future Labs Capital focuses primarily on quantum computing and artificial intelligence (AI) startups, and has a strategic partnership with MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL). We form partnerships and connect external venture companies with blue-chip companies. Class MIT Technology.
Born out of MIT’s Sandbox and DeltaV accelerators, qBraid is one of 12 portfolio companies that are part of Future Labs Capital’s $65 million Fund 1, and based on the current growth of each Fund 1, It is estimated that it already offers a 5x increase in value. We will grow as a portfolio company and see significant revenue growth in 2023.
“We are proud to lead qBraid’s latest investment round. Our commitment to fostering innovation and supporting visionary entrepreneurs is reflected in this strategic partnership. said Mac Schwab, co-founder and managing partner of Future Labs Capital. “By providing these resources and funding, qBraid will be able to not only grow, but redefine industry standards in the market. Together, we embark on a journey of growth, resilience, and success. , shaping the future of quantum computing.”
qBraid serves as the definitive one-stop destination for quantum computing solutions. qBraid, a deep-tech software-as-a-service (SaaS) startup, provides seamless access to over 30 quantum software environments, quantum computers, and NVIDIA GPUs through its innovative development and deployment platform. Boasting an easy-to-use coding interface with 10,000 users, qBraid automates the complex setup of challenging quantum software packages and seamlessly integrates with cutting-edge quantum hardware from industry leaders like AWS . It is the only platform offering the Intel Quantum SDK, a C++ programming language, and Bloqade, a software package from QuEra, a leading startup in neutral atom quantum computing.
This latest investment milestone marks the prestigious selection in 2023 as one of only 12 elite teams worldwide to receive a contract of up to $4 million from the challenge program supported by Wellcome Leap Quantum for Bio (Q4Bio). It builds on qBraid’s remarkable trajectory, including: This pioneering effort aims to advance quantum research in human health through the development of a quantum algorithm pipeline to better understand the fundamental impact of proteins, amyloid-beta and alpha-synuclein, on neurodegenerative diseases such as Alzheimer’s and Parkinson’s diseases. Dedicated to advancing the unification of computing. And it highlights qBraid’s pivotal role in shaping the future of biotechnology.
As project leader, qBraid is working with esteemed partners including MIT, the University of Chicago, QuEra, the U.S. Department of Energy’s Argonne National Laboratory, and AT&T in North Carolina. Upon successful completion, the algorithm will be deployed as an application on the qBraid platform, providing computational details for clinicians and drug discovery scientists at pharmaceutical companies to support their drug development pipelines. Once the project is complete, qBraid will receive an additional $5 million in funding from his $2 million that will be used to commercialize the technology through the Wellcome Leap organization.
“This is a pivotal moment for our qBraid team. This major investment will accelerate our growth trajectory and enable us to exponentially expand our impact,” said qBraid Co., Ltd. said Kanav Setia, Founder and CEO. “At the forefront of quantum computing, we recognize a critical gap: a shortage of quantum software engineers ready to harness its potential. Our mission extends beyond innovation. It’s about empowerment. We’re committed to closing this gap by equipping developers at leading companies with the skills and knowledge they need to integrate quantum computing into their workflows. From quantum machine learning to quantum chemistry and optimization, we will guide them every step of the way, ushering in a new era of technological advancement and collaboration.”
Source: Duality
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