Singapore-based quantum software startup Entropica Labs has raised $4.7 million in a Series A funding round led by Italian Deep Tech venture capital firm Liftt and existing investor Wavemaker Partners.
Additional investors include SEEDS Capital, the investment arm of Enterprise Singapore; California-based CerraCap Ventures; SUTD Venture Holdings; and previous seed investors, Elev8 VC, Entropica Labs said in a statement on Tuesday.
According to the statement, the fresh capital will be channelled into expanding the team, welcoming complementary expertise in quantum error correction, software engineering and computing architectures to fast-track software development.
Entropica Labs will also continue leveraging existing and future strategic partnerships with leading quantum hardware providers to enable rigorous testing of its products on real quantum hardware.
“Years of working with real quantum systems have provided our team with invaluable experience and insights into what’s needed to make quantum computers useful,” said Tommaso Demarie, Entropica Labs Co-Founder and Chief Executive Officer.
According to him, this funding is a big step forward for the firm, giving them even more momentum to realize their mission of providing practical error correction and fault-tolerance software solutions to the quantum industry.
Entropica Labs is a quantum software company building development tools for error correction and fault tolerance.
According to the statement, quantum computers can potentially solve problems that remain intractable for even the most powerful conventional supercomputers.
However, quantum computers are prone to errors, which can accumulate and erode these potential speed-ups.
“Entropica Labs has shown impressive operational efficiency with a small but highly talented Team,” said Pierluigi Freni, Project Manager at Liftt, a first-time investor in the Company.
“This is particularly compelling, given the complexity of their field and the competition for talents,
“This funding enables them to focus on solving the urgent challenges in quantum computing, staying both realistic and ambitious,” he added.
Paul Santos, Managing Partner at Wavemaker Partners, which also supported Entropica in its Seed funding round, said that the firm is always looking to invest in quantum opportunities because it is simply a matter of time before enterprise and government use cases become feasible.
“Despite massive funding raised in the industry, we can see that there is still enormous room to grow in terms of software development,” he said.
“By investing in Entropica Labs, we hope to empower the next generation of quantum developers and engineers,” he added.
Founded in Singapore by Demarie and Ewan Munro in 2018, Entropica Labs’ thesis is that commercial, practical applications of quantum computers require fault-tolerant quantum error correction, i.e., the ability to actively remove errors from quantum computations.
The firm is a quantum computing software company driven by a mission to build software development tools to accelerate the arrival, and adoption, of useful quantum computers.
LIFTT is an Italian venture capital chaired by the scientist-entrepreneur Stefano Buono.
Operating in every industry with a focus on deep-tech, to date, it has completed 43 investments in innovative startups.
While generating value for its shareholders, LIFTT supports the creation of businesses, development, employment, and economic growth, through the implementation of an ethical and transparent governance model.
Wavemaker Partners is Southeast Asia’s venture capital firm investing in early-stage enterprise/business to business (B2B), deep tech, and sustainability startups.
Since its establishment in Singapore in 2012, the firm has backed more than 190 companies across Southeast Asia, with total capital commitments exceeding $300 million and exits generating over US$1.8B in enterprise value.