Product Engineering Gets Quantum Boost; $5.6M New Funding

Quanscient, a Finnish quantum algorithm pioneer, has announced $5.6 million in funding to integrate quantum computing into its product engineering platform.

The company’s computer-aided engineering (CAE) multiphysics simulation platform currently integrates cloud-native algorithms with cloud computing, with quantum now slated to join the mix.

According to Quanscient, its platform offers increased simulation throughput to enable fully digital R&D processes. This targets complex technology challenges in industries such as fusion energy, 6G/7G, advanced semiconductors, biomedical, automotive and aerospace.

“To stay competitive, companies developing transformative technologies need better tools to rapidly test scenarios, optimize designs and speed up time-to-market,” said Quanscient CEO Juha Riippi.

“Our solution boosts simulation capacity by 100 times, enabling engineers to iterate faster and tackle more complex challenges. This leads to superior products and a quicker, lower-risk path to market.”

Quanscient has already developed quantum algorithms for R&D and said it is the first to run a computational fluid dynamics simulation with real quantum hardware. The new funding is aimed at releasing the company’s first quantum product pilot planned for early 2025.

Related:Goldman Sachs Tries Quantum Applications for Financial Services

AWS, Intel, IBM and Nvidia are among Quanscient’s partners in cloud computing and quantum algorithms as well as quantum hardware companies including IQM.

The funding, led by Nordic early-stage investor Crowberry Capital, takes the total funds Quanscient has raised to $10.8 million.

“By offering superior multiphysics capabilities, Quanscient speeds up innovation and creates significant value across rapidly growing global industries,” said Crowberry Capital founding partner Jenny Ruth Hrafnsdottir.

“The next-generation quantum algorithms mark a game-changing advancement in simulation technology, with Quanscient at the forefront. We're excited to join them on their path to becoming the leader in quantum simulations.”