Strangeworks, a quantum computing company based in Austin, recently netted $24 million in a Series A round led by Hitachi Ventures.
Founded by William Hurley in 2017, Strangeworks has made advances in the quantum computing realm, and its platform makes the technology more accessible to developers and researchers. Through the development of tools and software, the company enables others to use quantum tech without the expensive and large machinery needed to run an actual quantum computer.
The fresh capital will be used to expand beyond quantum computing and into quantum-inspired computing and new artificial intelligence products, Strangeworks said in a statement. The company told Austin Inno it already uses AI in its day-to-day work with its quantum computing. This Series A round will allow Strangeworks to develop and offer AI services and high-performance computing capabilities to its customers, the company said in a statement.
“This team has stayed focused on our core mission, continuously outpacing industry expectations while diligently managing capital. Raising the Series A from these exceptional investors in this challenging economic climate sends a clear message to the market on where enterprise companies are placing their bets in the race to create quantum value,” Hurley, CEO and founder of Strangeworks, said in a statement.
Strangeworks said it expanded its core team by 40 percent in Q4 2022. With the new funding, it looks to hire more developers and specialists that work in quantum computing and AI.
The $24 million round is Strangeworks’ first funding round since its $4 million seed round in 2018.
