Strangeworks, an Austin, Texas-based software company that provides a quantum computing platform, announced that it completed $24 million in Series A funding.
The round was led by Hitachi Ventures, with investment from IBM, Raytheon Technologies, and follow-on investment from its seed investors Lightspeed, GreatPoint Ventures, and Ecliptic Capital.
With this investment, Strangeworks expanded its core team by 40% in Q4 2022 and is now able to offer a wider range of technologies beyond quantum computing, including quantum-inspired, high-performance computing, and artificial intelligence. This allows Strangeworks to provide immediate business value to enterprises while helping them prepare for an ever-changing computing landscape.
“Today’s announcement represents a significant milestone for Strangeworks,” said founder and CEO William Hurley. “Five years ago, I took the stage at SXSW for our first quantum computing keynote. Since that day this team has stayed focused on our core mission, continuously beating industry expectations while utilizing only a fraction of the resources compared to the industry. 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.”
The new funding reaffirms the company’s strategy in the emerging quantum computing market, which is projected to hit $125 billion by 2030.
Company: Strangeworks, Inc.
Raised: $24.0M
Round: Series A
Funding Month: March 2023
Lead Investors: Hitachi Ventures
Additional Investors: IBM, Raytheon Technologies, and follow-on investment from our seed investors Lightspeed, GreatPoint Ventures, and Ecliptic Capital
Company Website: https://strangeworks.com/
Software Category: Quantum Computing Platform
About the Company: Founded in 2018 by William Hurley, Strangeworks is an unconventional computing software company that is currently making quantum computing accessible by building and delivering tools for software developers and researchers, and systems management for IT Administrators and CIOs. Strangeworks' mission is to revolutionize technology by guiding companies through the confusion and chaos of quantum computing, making it easily accessible to all.
Source: https://www.hpcwire.com/off-the-wire/strangeworks-announces-completion-of-24m-series-a-funding/