Quantum Algorithm Pioneer Quanscient Secures €5.2M to Bring Engineering Simulation into the Quantum Era
Finnish technology company Quanscient, a leader in cloud-based multiphysics simulation technology and quantum algorithms, announces today its new growth funding of €5.2 million. The round was led by prominent 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. The new funding will enable Quanscient to bring engineering simulations into the quantum era.
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.
New funding to accelerate the quantum leap
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.”
About Quanscient
Quanscient is the first cloud-and-quantum-powered multiphysics simulation software provider with the goal of transforming R&D with accurate digital prototypes. Quanscient was founded by Juha Riippi, Alexandre Halbach, Asser Lähdemäki, and Valtteri Lahtinen in 2021. Quanscient’s international team consists of 31 professionals from nine nationalities. To date, Quanscient has raised 9.9M€ in funding in total.
Quanscient.com
