BlueQubit, a San Francisco-based quantum software startup founded by Armenian entrepreneurs and Stanford alumni Hrant Gharibyan and Hayk Tepanyan, has raised $10 million in a seed funding round led by Nyca Partners. The company aims to solve one of the most pressing challenges in quantum computing: integrating quantum technology into real-world enterprise applications, reports Zartonk Media citing TechCrunch.
The round saw participation from an impressive lineup of investors, including Restive, Chaac Ventures, NKM Capital, Presto Tech Horizons, BigStory VC, Untapped Ventures, FormulaVC, and Granatus Ventures.
Revolutionizing Quantum Computing with QSaaS
BlueQubit’s core innovation is its Quantum-Software-as-a-Service (QSaaS) platform, designed to provide businesses with seamless access to quantum processing units (QPUs) and quantum computing emulators. The platform bridges the gap between quantum and classical computing, enabling sectors like finance, pharmaceuticals, and material science to overcome the limitations of traditional computing.
“Quantum holds the promise of unlocking new solutions to intractable problems,” said Hrant Gharibyan, CEO and co-founder of BlueQubit. “Our QSaaS platform allows enterprises to scale effectively and pioneer novel algorithms for quantum machine learning and quantum optimization.”
Gharibyan emphasized that BlueQubit leverages large-scale classical computing resources, specifically a fleet of GPUs, to develop and test quantum algorithms before deploying them on real quantum processors. “This approach enables us to scale effectively and pioneer novel algorithms for quantum machine learning and quantum optimization.”
Unparalleled Speed and Efficiency
BlueQubit’s software stack is a significant leap forward in quantum computing. Its quantum emulators operate up to 100 times faster than standard alternatives, allowing users to test and optimize their algorithms with unprecedented speed. Additionally, the startup boasts a proprietary set of algorithms developed by its expert team, making it a standout player in the quantum software space.
Founders with Vision
Gharibyan and Tepanyan, who met at Stanford, bring an impressive background to their venture. Gharibyan, an MIT graduate, co-authored a groundbreaking “wormhole teleportation” algorithm later implemented by the Google Quantum AI team. Tepanyan, a Stanford graduate, worked on Google’s infrastructure team before co-founding BlueQubit.
The inspiration to launch BlueQubit came during a pivotal moment in spring 2022, as the two sat on surfboards in Santa Monica, discussing recent advancements in superconducting qubits announced by IBM Quantum. The pair saw the rapid progress in the quantum landscape as an opportunity to create a platform that would drive innovation across industries.
The Quantum Revolution
Quantum computing has drawn global attention for its potential to revolutionize problem-solving. For instance, Google’s recent quantum computing chip, Willow, demonstrated the ability to perform calculations in under five minutes that would take today’s supercomputers 10 septillion years. BlueQubit is at the forefront of enabling businesses to tap into this groundbreaking potential.
Its QSaaS framework supports a range of use cases, including financial modeling, pharmaceutical development, and data visualization, offering enterprises a head start in adopting quantum technologies.
Investors See the Vision
“We have been looking for a team to invest in who are looking to enable financial services firms to hit the ground running once quantum is here,” said Tom Brown, partner at Nyca Partners. “Hrant and Hayk have the background, skills, and drive to operationalize something that until recently has mostly been theory.”
This funding round positions BlueQubit as a major player in the rapidly evolving quantum computing industry. With backing from notable investors and a clear vision for the future, the company is set to shape the landscape of enterprise quantum computing.
Armenian Excellence in Global Tech
BlueQubit’s success underscores the growing impact of Armenian entrepreneurs in the global technology sector. Gharibyan and Tepanyan’s innovative work reflects the ambition and talent of Armenia’s diaspora, proving that Armenian-led companies can drive cutting-edge advancements on a global stage.
Congratulations to Hrant and Hayk on this incredible milestone!
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