Citi has joined a $25 million round in QC Ware, a developer of high-powered applications for near-term 1quantum hardware.
Koch Disruptive Technologies and polymer company Covestro, co-led the round with participation from Samsung Ventures and returning investors Citi, the D. E. Shaw group, and Pegasus Tech Ventures.
In April Goldman Sachs claimed a quantum computing breakthrough in a collaborative research initiative with QC Ware, designing algorithms for Monte Carlo simulations it says could be used on hardware that may be available in as little as five years.
“QC Ware’s research in financial services demonstrates the promise of quantum computing in the sector,” says Sandeep Arora, ICG head of digital and ICG chief investment officer at Citi. “We are looking forward to exploring how quantum computing can benefit Citi as the space continues to develop.”