🇫🇮 Quantum algorithm pioneer Quanscient secures €5.2 million to bring engineering simulation into the quantum era

TAMPERE, FINLAND, November 5th, 2024 – 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.

Quanscient has built the world’s first Computer Aided Engineering (CAE) platform that seamlessly integrates a unique combination of cloud-native multiphysics solvers, advanced cloud computing, and future quantum integration. The platform offers engineers over a hundredfold increase in simulation throughput to enable fully digital R&D processes, addressing complex technology challenges in industries like fusion energy, 6G/7G, advanced semiconductors, biomedical, automotive, and aerospace.

Advanced CAE simulations enable engineers to explore multiple design alternatives, minimizing risk and improving product performance compared to costly and time-consuming real-world testing. However, legacy CAE solutions struggle to support the rapid iteration required in modern development. Unlike traditional simulation software licensing, Quanscient offers unlimited user access, fostering smoother collaboration and greater accessibility for large, geographically distributed teams. This model provides engineers with up to 100 times greater simulation capacity than legacy solutions, empowering them to tackle more complex problems and iterate faster.

“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.

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 Computational Fluid Dynamics (CFD) 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 CFD 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.”

Originally published on 5 November by Quanscient.

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