Boston-based quantum computing software-maker closed a $38 million Series B as the promise of the next generation of computing gets closer.
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The new round was led by , and , with the support of existing investors , and The Engine Accelerator Fund, as well as new investors, including , , , and .
While the full potential of quantum computing has yet to be realized, Zapata founder and CEO said it is only a matter of time before the new computing method–based on the principles of quantum theory and explains the behavior of energy and material on an atomic or subatomic level–is used in fields such as energy, supply chain optimization and any industry using chemistry.
Zapata鈥檚 software attempts to allow users to take advantage of advancements in near-term quantum computing, Savoie said. The platform allows enterprises to improve data and compute workflows on current high-performance computers with the capability to eventually move to commercial quantum computing, he added.
鈥淲e鈥檝e looked at both software and hardware players in quantum computing,鈥 said , managing director of the Merck Global Health Innovation Fund. 鈥淏ut Zapata can provide near-term and long-term return.鈥
Zapata started working with customers in 2018 and has several 鈥渟even-figure engagements鈥 with companies, Savoie said. The company also is partnering with hardware providers, including , and College Park, Maryland-based to accelerate the adoption of quantum computing.
The company will use its new cash for more research and development on the platform, meeting increased customer demand, and adding to its staff of more than 50 employees, he added.
Quantum computing startups have been attractive to investors this year. In April, it was reported Palo Alto, California-based had raised $215 million. In June, IonQ announced it had raised a Series B round, bringing the company鈥檚 total amount raised to $84 million.
鈥淨uantum computing鈥檚 time is happening,鈥 Savoie said.
Zapata has raised more than $64 million since being founded in 2017.
Note: An earlier version of this article contained incorrect information about the amount of funding Zapata raised.
Illustration: .
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