Austin-based Strangeworks will use its new $24M investment to expand its platform, including artificial intelligence
At a time when many tech companies are cutting jobs and venture capital investments are slowing, an Austin quantum computing startup is in expansion mode.
Strangeworks has raised $24 million for growth from big names, including Hitachi Ventures, IBM and Raytheon Technologies, with follow-on investment from seed investors Lightspeed Venture Partners, GreatPoint Ventures and Ecliptic Capital.
The company said the investment solidifies its trajectory for the next five years.
Strangeworks was founded in 2017 by William Hurley, an Austin serial software entrepreneur who is known by the nickname “whurley.”
Hurley said the new funding “represents a significant milestone for Strangeworks. 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 outpacing industry expectations while diligently managing capital.”
He added that raising the funding “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.”
Strangeworks designs quantum software tools for software developers, system managers, researchers, technical staff and chief information officers.
The tools are aimed at helping users take advantage of quantum computers, which are devices designed to harness the rules of quantum mechanics to deliver more processing power than traditional computers.
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The 14-person company is focused on providing quantum tools in industries including aerospace, energy, finance and pharmaceuticals.
The new funding will allow the company to offer a wider range of technologies beyond quantum computi
