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A Software Bet in Quantum Computing
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By Yuliya Chernova, WSJ Pro
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Good day. Recent advances have accelerated the timeline for the commercialization of quantum computing, and venture investors are paying attention.
Quantum computing startups globally raised a record $2.1 billion in venture capital last year, according to research firm Dealroom. Investors have funded the category with close to $700 million so far this year.
One of the largest recent investments is the $110 million Series C round announced this week by Tel Aviv startup Classiq. Entrée Capital led the deal, with participation from Norwest Venture Partners, NightDragon, funds managed by Hamilton Lane, and others.
Nir Minerbi, Classiq’s co-founder and chief executive, said the company is valued at roughly half a billion dollars after this round. Classiq plans to use its new funding to expand commercial relationships and research and development, as well as open offices globally.
The deal is notable because Classiq is a software startup, providing what it calls an operating system for quantum computing development. It offers a platform that allows developers to design, optimize, analyze and execute quantum algorithms.
“Billions are pouring into quantum hardware (via VCs, governments and corporates). Yet software is underfunded and underbuilt—despite being the key to usability, adoption and application delivery,” Entrée Capital wrote in a memo about its investment. Entrée has seven portfolio companies in the quantum computing sector and led Classiq’s seed round several years ago.
Read the full story at the link.
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And now on to the news...
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The deal marks Databricks’ third billion-dollar AI and data-related acquisition in recent years. PHOTO: WEBER SHIH FOR WSJ
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Databricks has agreed to acquire database startup Neon in a deal valued at about $1 billion, a move the company hopes will make it more attractive to businesses that want to create their own artificial-intelligence bots, The Wall Street Journal reports.
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The data analytics company said the deal addresses a challenge that businesses face when deploying AI agents: how to quickly link up the data they need to make their services run. The problem gets harder as more AI agents are writing code and executing tasks, said Ali Ghodsi, co-founder and chief executive of Databricks.
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“Pretty much every customer we have is super excited and wants to leverage agents,” said Ghodsi, referring to the autonomous bots that can make decisions and perform tasks on behalf of humans. But the problem is, those bots need to be able to create new databases to support what they do.
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2.3%
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The annual inflation rate in April, the lowest since February 2021, before supply-chain issues caused it to soar.
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Apple to Support Brain-Implant Control of Its Devices
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Apple is embracing the world of brain computer interfaces, unveiling a new technology that one day could revolutionize how humans interact with their devices, WSJ reports.
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The company is taking early steps to enable people to control their iPhones with neural signals captured by a new generation of brain implants. It could make Apple devices more accessible to tens of thousands of people who can’t use their hands because of severe spinal cord injuries or diseases such as amyotrophic lateral sclerosis, or ALS.
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Apple has worked on the new standard with Synchron, which makes a stent-like device that is implanted in a vein atop the brain’s motor cortex.
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Chime Financial Files to Go Public
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The financial technology company Chime Financial, which offers checking and savings accounts through partnerships with banks, said Tuesday it applied to trade on Nasdaq under the symbol CHYM, WSJ reports. Chime didn’t disclose the expected price range or number of shares in the planned initial public offering.
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Founded in 2012, the company was considering an IPO in 2021 after it raised $750 million during a funding round, the Journal reported. It was valued at $25 billion at that time.
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Investors with 5% or more share of the company include DST Global, Crosslink Capital and General Atlantic, per the filing.
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People
BlossomHill Therapeutics, a San Diego, Calif.-based biotechnology company, said it has appointed Jason Keyes as chief financial officer and executive vice president.
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Bestow, a Dallas-based insurance technology company, raised a $120 million Series D equity funding round co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital. In addition, Bestow secured a $50 million credit facility from TriplePoint Capital.
Shakers, a Madrid-based platform connecting companies with tech freelancers, raised €14 million in Series A funding led by Partech.
Doubleword, a London-based self-hosted inference platform for enterprises, collected $12 million in Series A funding led by Dawn Capital.
FoodHealth, a San Francisco-based nutrition intelligence startup formerly known as bitewell, gathered a $7.5 million Series A investment co-led by Reach Capital and Ulu Ventures.
Veritree, a climate tech startup, raised a $6.5 million Series A financing round led by Pender Ventures with participation from investors including Garage Capital and Northside Ventures.
MarvelX, an Amsterdam-based financial services startup, raised a $6 million seed funding round led by EQT Ventures.
Sequen, an enterprise AI startup, raised a $6 million seed round led by Greycroft with participation from Vinyl VC and Correlation Ventures.
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PHOTO: STEFAN WERMUTH/BLOOMBERG NEWS
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