Finnish technology company Quanscient, a leader in cloud-based multiphysics simulation technology and quantum algorithms, has announced 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 said it 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.”
It said 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.”
Quanscient co-founder and CEO Juha Riippi said: “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.”
Along with cloud-native multiphysics simulation, Quanscient said it 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,” said Quanscient.
“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.”
Riippi added: “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.
Jenny Ruth Hrafnsdottir, Founding Partner, Crowberry Capital, said: “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.
“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.”