business news

Sequoia Capital leads funding round for Horizon Quantum Computing

Sequoia Capital leads funding round for Horizon Quantum Computing
Sequoia Capital leads funding round for Horizon Quantum Computing

Singaporean quantum computing startup Horizon has reportedly raised an undisclosed amount through a Sequoia-led funding round which has brought the company’s total raised capital to $3.2 million. Other participants in the funding round comprise Abies Ventures, Cubit Protocol, SGInnovate, Summer Capital, Data Collective, and Posa CV.

According to Joe Fitzsimons, the CEO of Horizon, the chief barrier for business applications to quantum tech adoption is the learning process of harnessing the power of quantum processors in a continuously progressing hardware development scenario. He has further stated that the company focuses on tackling this issue by developing methods that automatically advance conventional computer programs through quantum techniques.

Horizon claims that there are around millions of software developers across the globe with 46 million listed solely on GitHub. However, it has been witnessed that very few people have the competency to develop new quantum applications.

For the uninitiated, Horizon was founded in 2018 and specializes in the development of tools for automatic adaptation of programs designed for conventional computers to quantum processors. The company intends to use the newly procured funds for the acceleration of product development and enhancing its interactions with customers and early adopters.

The prevailing approach to quantum development calls on a domain expert to solve the problem, says Horizon. The company follows a unique approach that enables developers to create programs having fewer lines of code facilitating automatic optimization of their programs for real processors.

Si-Hui Tan, the Chief Science Officer at Horizon, has stated that the company’s unique approach lies in the direct construction of quantum algorithms through the conventional source code and automatic identification of places through which it can be accelerated.

Of late, some deep technology companies in Singapore have also been initiating efforts to make quantum computing more accessible. However, Horizon believes that real competition lies in the high-performance computing space and not amongst rivals focusing on quantum software development.

 

Source Credits:

https://www.techinasia.com/sequoia-invests-horizon