Investment to fuel increasing enterprise contracts, global partnerships expansion and additional talent resources
LOUISVILLE, KY / ACCESSWIRE / February 13, 2024 / Future Labs Capital, a private equity venture capital firm that invests in best-in-class quantum computing and artificial intelligence (AI) technologies, has invested an undisclosed amount into qBraid, an industry leader and rapidly growing one-stop quantum computing software platform based in Chicago, IL.
The infusion of capital from Future Labs Capital will be used by qBraid to increase its enterprise contracts for the quantum platform and propel its expansion into lucrative markets such as Canada, EU, the UK, and Japan. Armed with enhanced financial resources, qBraid is poised to amplify its global presence and solidify its position as the foremost leader in enabling quantum computing hardware and software. This funding not only fuels geographic expansion but also facilitates additional talent resources and team growth, empowering qBraid to forge additional and larger strategic partnerships, all while accelerating product development initiatives to build out their quantum marketplace product that allows new quantum company partners to launch their own products on the qBraid platform. The team growth provides the ability to go after many more contracts, including federal government contacts (the federal government is the largest spender in the field of quantum computing), such as the U.S. Economic Development Administration (EDA) Tech Hub Grant, which is providing over $500 million in funding opportunities to designated tech hubs across the country.
Established in Louisville, Ky., in 2022, Future Labs Capital focuses primarily on quantum computing and artificial intelligence (AI) startups and has formed a strategic partnership with MIT's Computer Science and Artificial Intelligence Lab (CSAIL), connecting outside ventures with best-in-class MIT technologies. qBraid, which came from MIT's Sandbox and DeltaV accelerators, is one of the 12 portfolio companies as a part of Future Labs Capital's $65M Fund 1, which is estimated to have already provided a 5X value increase based on the current growth of each Fund 1 portfolio company and their strong revenue increases in 2023.
"We are proud to lead the latest investment round for qBraid. Our commitment to fueling innovation and supporting visionary entrepreneurs is reflected in this strategic partnership," said Mack Shwab, Co-Founder and Managing Partner of Future Labs Capital. "By providing these resources and funds, it allows qBraid to not only thrive but also to redefine industry standards in the marketplace. Together, we embark on a journey of growth, resilience, and success, shaping the future of quantum computing."
qBraid stands as the definitive one-stop destination for quantum computing solutions. As a deep-tech software-as-a-service (SaaS) startup, qBraid offers seamless access to 30+ quantum software environments, quantum computers and NVIDIA GPUs through its innovative development and deployment platform. Boasting a user-friendly coding interface with 10,000 users, qBraid automates the intricate setup of challenging quantum software packages, seamlessly integrating with cutting-edge quantum hardware from industry leaders like AWS. It is the only platform to offer the Intel Quantum SDK in the C++ programming language as well as the software package, Bloqade from the premiere neutral atom quantum computing startup, QuEra.
This latest investment milestone builds upon qBraid's remarkable trajectory, which includes its prestigious selection in 2023 as one of only 12 elite teams worldwide to receive up to $4 million contract from the Wellcome Leap Quantum for Bio (Q4Bio) supported challenge program. This pioneering initiative is dedicated to advancing the integration of quantum computing in human health through the development of a quantum algorithm pipeline to better understand the underlying impacts of the proteins, amyloid-ß and a-synuclein on neurodegenerative diseases such as Alzheimer's disease and Parkinson's disease and underscores qBraid's pivotal role in shaping the future of biotechnology. As the project leader, qBraid is executing in collaboration with esteemed partners, including MIT, the University of Chicago, QuEra, the U.S. Department of Energy's Argonne National Laboratory and North Carolina AT&T. Upon successful completion, the algorithms could then be deployed as an application on the qBraid platform providing computational details to aid clinicians and drug discovery scientists at pharmaceutical companies in their drug development pipeline. Upon completion of the project, qBraid will be eligible for $2-5 million in additional funds through the Wellcome Leap organization to be used for the commercialization of the tech.
"This is a pivotal moment for our qBraid team. This significant investment accelerates our growth trajectory, enabling us to expand our impact exponentially," said Kanav Setia, Co-Founder and CEO of qBraid. "At the forefront of quantum computing, we recognize a critical gap: the shortage of quantum software engineers ready to harness its potential. Our mission extends beyond innovation; it's about education and empowerment. We're committed to bridging this gap by equipping developers at leading companies with the skills and knowledge they need to integrate quantum computing into their workflows. From quantum machine learning to quantum chemistry and optimization, we're here to guide them every step of the way, ushering in a new era of technological advancement and collaboration."
About Future Labs Capital
Future Labs Capital, LLC is a private equity venture capital firm that is active in the pursuit of solutions to the world's most important problems while enabling and guiding early-stage company development. Focused primarily on quantum computing and artificial intelligence (AI) startups, Future Labs Capital has formed a strategic partnership with MIT's Computer Science and Artificial Intelligence Lab (CSAIL) connecting outside ventures with best-in-class MIT technologies. For more on Future Labs Capital, visit https://futurelabscapital.com/.
qBraid is the definitive one-stop platform for quantum computing. As a deep-tech SAAS startup based in Chicago, qBraid provides seamless access to quantum software, quantum computers and NVIDIA GPUs through their development and deployment platform. The qBraid coding platform allows for automatic setup of difficult quantum software packages with integrations to quantum hardware provided by AWS, IBM, QuEra, Intel, Microsoft, and others to provide their users the best experience doing all things quantum. The open-sourced qBraid SDK allows for turn-key access to quantum hardware where users can code in 6 different quantum frameworks such as Qiskit, Cirq, or Amazon Braket. qBraid is on YouTube, LinkedIn, Twitter/X, and Github. For more information on qBraid, visit https://www.qbraid.com.
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SOURCE: FUTURE LABS CAPITAL, LLC
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