AI quantum software startup Bloq Quantum has raised INR 1.3 crore in a pre-seed funding round led by Inflection Point Ventures (IPV). This investment is part of IPV’s strategy to build an ecosystem that supports startups by providing tech support, including credits to the top 100 shortlisted startups. IdeaSchool, an initiative under IPV, enables knowledge transfer between successful entrepreneurs and new startups, fostering a continuous cycle of learning and access to an unparalleled network.
The newly acquired funds will be used for product development and team expansion, stimulating innovation in quantum algorithms, enhancing platform functionalities, and accelerating the company’s growth.
Bloq Quantum is making waves by simplifying enterprise adoption of quantum computing through its user-friendly low-code interface. The platform significantly accelerates quantum algorithm development, providing valuable business insights. Designed for users at all skill levels, Bloq Quantum streamlines the path to quantum computing.
Sreekuttan L S, Co-Founder and CEO, brings a strong physics background from IISER Pune and experience as a Product Manager at The Quantum Insider. Jay Patel, Co-Founder and CTO, combines his expertise in computer engineering and quantum machine learning, honed at CERN, with three global Quantum Challenge awards and multiple quantum software prototypes. Together, they drive innovation in quantum computing with their complementary skills and deep industry knowledge.
Mitesh Shah, Co-Founder of Inflection Point Ventures, remarked, “Understanding quantum technology and its intricate algorithms is daunting and applying it effectively in business is even more challenging. By bringing a platform where beginners and experts alike can work on quantum algorithms with a user-friendly low-code interface, Bloq Quantum’s USP brings satisfaction and business to its customers. At IPV, we believe not only in Sreekuttan’s capabilities but also in the entire team behind Bloq Quantum’s remarkable journey.”
Bloq Quantum excels as the foremost platform offering a user-friendly interface for developing quantum algorithms. Its key strength lies in the exceptional team, meticulously curated to lead the charge in advancing quantum computing technology. Their collective expertise and commitment drive Bloq Quantum’s continuous innovation, ensuring they deliver state-of-the-art solutions to users and partners.
As of June 2024, Bloq Quantum operates globally, providing quantum computing solutions to clients worldwide. The widespread operations cater to diverse industries and users, emphasizing dedication to pioneering quantum computing innovations on a global scale. This global presence underscores the startup’s commitment to innovation and capability to address complex challenges.
Sreekuttan L S, CEO of Bloq Quantum, stated, “Enterprises face challenges in adopting quantum computing due to fragmented and complex algorithm development processes. Bloq Quantum aims to streamline this by offering a comprehensive solution that simplifies the creation of quantum solutions, providing a seamless experience for businesses.”
Bloq Quantum has achieved notable success, securing third place in the esteemed 2023 Global Fujitsu Quantum Simulator Challenge with a $100K prize pool and taking first place in the TCS Quantum Challenge 2023. These accomplishments underscore the startup’s leadership and pioneering contributions to the field of quantum computing.
The global quantum computing market was valued at USD 10.13 billion in 2022 and is forecasted to exceed USD 125 billion by 2030, growing at a robust CAGR of 36.89% during the period from 2022 to 2030. This rapid growth trajectory signifies substantial potential for startups venturing into the quantum computing sector.