AI quantum software startup Bloq Quantum has successfully raised INR 1.3 crore in a pre-seed funding round led by Inflection Point Ventures (IPV). This investment aligns with IPV’s strategic objective to build a supportive ecosystem for startups by providing tech support and credits to the top 100 shortlisted startups. Through the IdeaSchool initiative, IPV facilitates knowledge transfer between seasoned entrepreneurs and new startups, fostering continuous learning and access to an extensive network. The newly acquired funds will be utilized for product development and team expansion, driving innovation in quantum algorithms, enhancing platform functionalities, and accelerating growth.
Simplifying Quantum Computing for Enterprises
Bloq Quantum stands out by simplifying enterprise adoption of quantum computing with its user-friendly low-code interface. This platform significantly accelerates quantum algorithm development, making it ten times faster and offering valuable business insights. It is designed to be accessible to users at all skill levels, thereby streamlining the path to quantum computing. Sreekuttan L S, Co-Founder and CEO, brings a robust physics background from IISER Pune and experience as a Product Manager at The Quantum Insider. Jay Patel, Co-Founder and CTO, combines expertise in Computer Engineering and Quantum Machine Learning from CERN with multiple quantum software prototypes and three global Quantum Challenge awards. Together, they spearhead innovation in quantum computing, leveraging their complementary skills and industry knowledge.
Endorsement and Vision
Mitesh Shah, Co-Founder of Inflection Point Ventures, highlights the challenges of understanding and applying quantum technology in business. He states, “Understanding quantum technology and its intricate algorithms is daunting and applying it effectively in business is even more challenging. By bringing a platform where beginners and experts alike can work on quantum algorithms with a user-friendly low-code interface, Bloq Quantum’s USP brings satisfaction and business to its customers.. At IPV, we believe not only in Sreekuttan’s capabilities but also in the entire team behind Bloq Quantum’s remarkable journey.”
Global Operations and Industry Impact
As of June 2024, Bloq Quantum operates on a global scale, providing quantum computing solutions to diverse industries and users worldwide. Their comprehensive solution simplifies the creation of quantum solutions, offering a seamless experience for businesses facing fragmented and complex algorithm development processes. The startup has achieved notable success, securing third place in the 2023 Global Fujitsu Quantum Simulator Challenge and first place in the TCS Quantum Challenge 2023. These accomplishments underscore Bloq Quantum’s leadership in quantum computing and its commitment to innovation.
Market Potential and Future Prospects
The global quantum computing market was valued at USD 10.13 billion in 2022 and is forecasted to exceed USD 125 billion by 2030, growing at a robust CAGR of 36.89%. This rapid growth trajectory signifies substantial potential for startups like Bloq Quantum venturing into the quantum computing sector.
Sreekuttan L S, CEO of Bloq Quantum, emphasizes the startup’s mission: “Enterprises face challenges in adopting quantum computing due to fragmented and complex algorithm development processes. Bloq Quantum aims to streamline this by offering a comprehensive solution that simplifies the creation of quantum solutions, providing a seamless experience for businesses”.
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