QC Ware Raises $6.5 million Series A Financing for its Cloud Quantum Computing Software Service

Lead investors Citi and Goldman Sachs position company to accelerate the application of quantum computing in global enterprises

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QC Ware Corp.

Jul 10, 2018, 09:05 ET

PALO ALTO, Calif., July 10, 2018 /PRNewswire/ -- QC Ware, the software company bringing quantum computing to the enterprise, announced today the closing of a $6.5 million Series A preferred equity financing led by Citi and Goldman Sachs. Existing investors Airbus Ventures and D. E. Shaw Ventures and new investor Fenox Venture Capital also participated in the round.

"We welcome Citi, Goldman Sachs, and Fenox as investors and look forward to helping enterprises leverage the power of quantum computing to remove computing bottlenecks and accelerate their businesses," said Matt Johnson, Co-Founder and CEO of QC Ware.

QC Ware is a pioneer in enabling enterprises to use algorithms designed for quantum computers on multiple quantum hardware systems, by providing access through a single software platform developed by QC Ware. The company has a world-class quantum engineering team that applies quantum algorithms to key enterprise use cases. This financing allows QC Ware to further expand QC Ware's quantum cloud computing software offering. Unlike quantum computing companies that are focused on hardware, QC Ware is developing software solutions that run on any quantum hardware.

"We are excited to support QC Ware's vision of offering a single platform to access all types of quantum computing hardware, and QC Ware's expertise in quantum algorithms complements Citi's domain expertise," said Bill Hartnett, Managing Director of Market Infrastructure Investments at Citi.

QC Ware's current customers and partners include leading financial services companies, aerospace prime contractors, automotive OEMs, power utilities, and multiple government groups. The company counts Airbus Ventures as one of its early and major investors. Luka Tomljenovic, Investment Partner at Airbus Ventures, commented: "QC Ware is helping many industries harness quantum computing technology for a wide range of potential applications. The aerospace industry is full of computationally complex problems, and we are excited about QC Ware being a catalyst for solving them."

About QC Ware: QC Ware is a quantum computing software company based in Palo Alto, CA. We enable enterprises to use quantum computing to break through computing bottlenecks. QC Ware delivers that capability through the cloud, and our platform runs on diverse QC architectures. QC Ware is developing quantum-powered applications in collaboration with a wide range of Fortune 500 companies and government agencies. Website: www.qcware.com

About Citigroup: Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com/ | Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

About Airbus Ventures: Airbus Ventures is an early-stage investment fund backed by Airbus, investing in disruptive and innovative technologies and business models shaping aerospace and related industries.

About D. E. Shaw Ventures: D. E. Shaw Ventures is the venture capital unit of the D. E. Shaw group. The D. E. Shaw group is a global investment and technology development firm with more than $50 billion in investment capital as of April 1, 2018, and offices in North America, Europe, and Asia. Since our founding in 1988, our firm has earned an international reputation for successful investing based on innovation, careful risk management, and the quality and depth of our staff. We have a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies.

About Fenox Venture Capital: Fenox Venture Capital is a Silicon Valley-based venture capital firm that has invested in more than 120 companies globally. Investment areas include IT, Artificial Intelligence, IoT, Robotics, Big Data, HealthTech, VR/AR, FinTech, and Next Generation Technologies. Fenox Venture Capital leverages its international network spanning the US, Asia, and Europe to support the global expansion of its portfolio companies. Read more about Fenox Venture Capital at http://www.fenoxvc.com.

Media Contact: Matt Johnson, QC Ware Corp., [email protected], 650-866-0087

SOURCE QC Ware Corp.