AI quantum software startup Bloq Quantum raises Rs 1.3 crore in a pre-Seed round

AI quantum software startup Bloq Quantum has raised Rs 1.3 crore in a pre-seed funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm. 

The investment is part of IPV's strategy, to build ecosystem for startups to succeed by providing Tech support in terms of credits to Top 100 shortlisted startups.

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Purpose of fundraising

According to the company's statement, the raised capital will be used for product development and team expansion. The capital infusion will stimulate innovation in quantum algorithms, improve platform functionalities, and expedite growth, the startup said.

What does Bloq Quantum do?

Bloq Quantum simplifies enterprise adoption of quantum computing with its user-friendly low-code interface.

The startup accelerates quantum algorithm development by tenfold, providing valuable business insights. Designed for users at all skill levels, It streamlines the path to quantum computing.

“Enterprises face challenges in adopting quantum computing due to fragmented and complex algorithm development processes," said Sreekuttan L S, CEO of Bloq Quantum.

Sreekuttan said Bloq Quantum aims to streamline this by offering a comprehensive solution that simplifies the creation of quantum solutions, providing businesses with a seamless experience.

Who are the founders?

Sreekuttan L S, Co-Founder & 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. 

“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," said Mitesh Shah, Co-Founder of Inflection Point Ventures.

"At IPV, we believe not only in Sreekuttan’s capabilities but also in the entire team behind Bloq Quantum’s remarkable journey," Shah added.

Bloq Quantum secured third place in the esteemed 2023 Global Fujitsu Quantum Simulator Challenge, which had a $100K prize pool, and first place in the TCS Quantum Challenge 2023. 

The global quantum computing market was valued at $10.13 billion in 2022 and is forecasted to exceed $125 billion by 2030, growing at a robust CAGR of 36.89% during the period from 2022 to 2030.