Quantum Computing startup, BosonQ Psi, raises $525k in pre-seed round
BosonQ Psi (BQP), a Quantum-based enterprise SaaS software venture, has raised $525,000 in pre-seed funding led by 3to1 Capital.
India-based angel investors Abhay Tandon, Vijay Sethi, Chandan Chowdhury, Saptorshi Hore, Neeraj Khandelwal, Ankur Jain, Vijay Rajagopal, and Abhishek Sureka and US-based angel investors Shankar Rachakonda and Anand Reddy also participated in this round.
Abhishek Chopra, Co-Founder & CEO of BosonQ Psi, said, "Large-scale engineering simulations are vital in developing engineering-heavy products, from cars to aircraft or from drug discovery to additive manufacturing.
“Quantum computing, with its unimaginable power, will unlock the new realm of such simulations which previously couldn't be performed accurately or were costly and time prohibitive. With BQPhy, engineering and R&D teams can now avoid costly recall issues and speed their products' innovation cycle, respectively. For businesses this means reducing both CAPEX and OPEX respectively."
The startup is developing the world's first Quantum-powered engineering simulation software - BQPhyTM. With its product, enterprise customers from the automotive, aerospace, and manufacturing sector can accelerate their time-to-market significantly while increasing the quality of their products.
"We believe in investing in smart founders who are audacious enough to build the future! The BQP founders and team are building the future through quantum tech, which has a multifold impact on society,” said Abhay Tandon, Co-Founder and GP at 3to1 Capital.
“Through their innovative simulation engineering modules powered by quantum tech, they would solve problems for large enterprises such as faster GTM and robust products and for the consumers around safety and confidence.
“It's a huge market with a multi-billion-dollar TAM and the founders have the gumption to make it happen! We firmly believe in their vision and are glad to be a part of their journey."
The MVP of BQPhy was launched earlier this year at the Quantum Business Europe conference and gained significant traction post their launch, a press release from the company stated.
BQP is currently carrying out pilots with global automotive, aerospace, and manufacturing companies. With the funding, the team is now gearing for the product launch next year, with the alpha and beta versions being launched later this year.
"The funding will aid in hiring more people who are highly specialized to deliver such innovative products both from the tech and commerce side of things," said Rut Lineswala, Co-Founder & CTO of BosonQ Psi.
BQP was founded in September of 2020 by three young entrepreneurs. Two tech founders, Abhishek Chopra (CEO) and Rut Lineswala (CTO) have a strong background in engineering simulations and high-performance computing.
Both graduated from Rutgers University (USA) and later moved on to their graduate school, Abhishek to Rensselaer Polytechnique Institute (USA) and Rut to the University of Minnesota, where they performed large-scale scientific computations on powerful supercomputers.
The third co-founder, Jash Minocha (CFO), comes from a strong finance and financial technology background (quantitative finance & blockchain). He did his undergraduate from Christ University (India) and Masters from the University College of London (UK). - TWL Bureau
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