Funding of €5.2M marks new growth phase for Finnish startup’s quantum-powered simulation platform

Quanscient, a Tampere-based technology company focused on cloud-based multiphysics simulation and quantum algorithms, has announced the completion of a €5.2 million funding round. Led by Crowberry Capital, the round also saw participation from Speen Holding and follow-on investments from Maki.vc and First Fellow. Quanscient’s platform aims to enhance product development processes by enabling engineers to conduct complex simulations more efficiently, addressing industries such as fusion energy, advanced semiconductors, and biomedical devices. The funding will be used to further develop their quantum integration capabilities, with plans to release their first quantum product pilot in early 2025.

Advanced simulations allow engineers to explore multiple design alternatives, reducing risk and enhancing product performance without costly, time-consuming real-world testing. Quanscient has built the world’s first multiphysics simulation platform that seamlessly integrates cloud-native multiphysics solvers, advanced cloud computing, and future quantum integration. The platform offers engineers a hundredfold increase in simulation throughput, enabling fully digital R&D processes and addressing complex technology challenges in industries like fusion energy, 6G/7G, advanced semiconductors, biomedical, automotive, and aerospace.

“To stay competitive, companies developing transformative technologies need better tools to rapidly test scenarios, optimize designs, and speed up time-to-market. Our solution boosts simulation capacity by 100 times, enabling engineers to iterate faster and tackle more complex challenges. This leads to superior products and a quicker, lower-risk path to market,” says Juha Riippi, co-founder and CEO of Quanscient.

The global simulation software market was valued at USD 20.96 billion in 2023 and is projected to grow at a CAGR of 13.8% from 2024 to 20301, with cloud & quantum computing further accelerating the market growth.

Along with cloud-native multiphysics simulation, Quanscient has quickly made significant advancements in quantum algorithm development. The company is the first in the world to run a multiphysics simulation with real quantum hardware and will be releasing its first quantum product pilot in early 2025.

Quantum computing delivers unmatched accuracy and speed for multiphysics simulations, unlocking entirely new simulation capabilities that have never been possible before. Quanscient partners with industry leaders in cloud computing and quantum algorithms, such as AWS, Intel, IBM, and NVidia as well as many quantum hardware companies such as IQM.

The new growth funding of €5.2M marks a new phase of growth for Quanscient in its international expansion and ambitious mission to bring engineering simulations into the quantum era. The funding round was led by Nordic early-stage venture capital firm Crowberry Capital and joined by Speen Holding with follow-on investments from Finnish early-stage venture capital investors Maki.vc and First Fellow.

“With our new funding, we’ll continue to make breakthroughs in quantum algorithms. We’re set to revolutionize simulations by integrating our pioneering quantum algorithms within the next few years, transforming the future of engineering and pushing the boundaries of what’s possible,” Riippi explains.

“With Quanscient’s multiphysics simulations, global companies solve their most complex engineering challenges faster and more efficiently than ever before. By offering superior multiphysics capabilities, Quanscient speeds up innovation and creates significant value across rapidly growing global industries,” says Jenny Ruth Hrafnsdottir, Founding Partner, Crowberry Capital. “The next-generation quantum algorithms mark a game-changing advancement in simulation technology, with Quanscient at the forefront. We’re excited to join them on their path to becoming the leader in quantum simulations.”

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