Horizon raises $3.23M funding round led by Sequoia Capital India

Date: June 24, 2020

Horizon raises $3.23M funding round led by Sequoia Capital India

Horizon Quantum has reportedly raised a funding round worth $3.23 million led by Sequoia Capital India. Posa CV, Summer Capital, Qubit Protocol, DCVC, Abies Ventures, and SGInnovate are the previous investors that participated in the recent funding round.

Horizon is planning to use the recent funding to bring new quantum technology to the market as well as engage with several early customers.

The company’s tools will significantly democratize the development of the quantum-enhanced applications, enabling the developers to tackle quantum. It takes the conventional source code & analyzes automatically to help quantum computers speed up an algorithm. It currently has the capability to identify the potential speedups in the form of codes written for Octave and Matlab.

According to Si-Hui Tan, Horizon Quantum’s chief science officer, the quantum applications can be conventionally developed by specifying the algorithm’s steps or using a library where the explicit steps are specified. The company uniquely develops the quantum algorithms from the conventional source code. This can automatically help identify areas where it can be sped up. This automation alleviates the need for the quantum knowledge, which will allow users to provide the program in the conventional programming language.

The tools developed by the company also have assisted the software developers to write succinct code that is optimized automatically for the quantum processors.

Joe Fitzsimons, CEO of Horizon, has stated that the company is developing a compiler that will help shift the developers from the classical, conventional, and code down directly to the control signals that are sent to the quantum hardware. It has demonstrated the key areas of the technology that spans from identifying the speedups in the classical code to mitigating and characterizing errors in the quantum processors. Through this development, the company intends to make the quantum computing easily accessible for the software developers. It will also aid in leveraging the quantum computing in various new domains.

Source credit:

https://techcrunch.com/2020/06/22/horizon-quantum-raises-3-23m-for-its-quantum/

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Nandita holds a management degree with specialization in marketing, and boasts of a short-term experience in the field of recruitment. Following her passion for writing however, she decided to pursue a career in the field of content development. Presently, Nandita pens down news pieces for newsorigins.com, spanning the verticals of business, finance, and technology.

Horizon raises $3.23M funding round led by Sequoia Capital India