Quantum software company Haiqu raises $11 million 

Jan 13 (Reuters) - ⁠Haiqu, a ⁠start-up ‍quantum software company, said it had raised $11 million in ‍a fund-raising round led by Primary ​Venture Partners. Other investors involved in Haiqu's ​fund-raising included Toyota Ventures, MacVenture Capital, Qudit Investments and Silicon Roundabout Ventures.

WHY IT MATTERS:

Quantum computers ​are faster than conventional computers and their technology is considered ​as vital for cybersecurity.

The fund-raising for Haiqu, which ‌was founded in 2022 and has offices in the United States ​and London and ⁠Europe, highlights ongoing investor interest in this growing sector.

BY THE ‌NUMBERS:

McKinsey has estimated that the overall quantum market could be worth $100 billion.

KEY ‌QUOTE:

“Today, too little experimentation happens because quantum ‌cloud costs are prohibitive and hardware performance remains insufficient. Our goal is to change ‍that overnight with a software system that can run larger ⁠applications at a fraction of the cost," said Richard Givhan, CEO and Co-founder of Haiqu, in a statement.

(Reporting by Sudip Kar-Gupta)

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