QxBranch raises $4.1 million Series A, plans hiring - Technical.ly DC

Business

Jun. 28, 2018 12:49 pm

QxBranch raises $4.1 million Series A, plans hiring

The funding follows the D.C. startup's partnership with IBM.

Members of the QXBranch team and its parent company, The Tauri Group, with Australian Prime Minister Malcolm Turnbull in January 2016.

(Courtesy photo)

D.C. startup QxBranch closed on $4.1 million in Series A funding as it looks to develop its data analytics software for quantum computing, said CEO Michael Brett.

The round was led by Dymon Asia Ventures and Alpha Intelligence Capital, and included participation from WorldQuant Ventures and the Maryland Venture Fund.

With the investment, Alpha Intelligence Capital Managing Partner Antoine Blondeau is joining the company’s board.

The company’s tools work in both “classical” and quantum computing, the latter of which applies the laws of quantum mechanics to processing data. Based in DuPont Circle, the company was spun out of the Virginia-based Tauri Group.

Earlier this year, the company was one of a group of startups partnering with IBM, which provided access to hardware that can help the company develop applications for business and government to advance quantum computing. The company is looking to develop applications for use in finance, insurance, pharmaceuticals, media, and energy. The tools can help companies with pricing and understanding risk, Brett said.

Brett said the company plans to add to its roughly 20-person team with dev talent, as well as sales and marketing.

 

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Georgetown Entrepreneurship dishes out $100K at second annual pitch competition

Byte Back raises more than $10,000 in #GivingTuesday campaign

With growth of gas station rewards program, GetUpside adds grocery stores and restaurants

SPONSORED

DC

Join our Technical.ly Match beta, an opt-in alternative to recruiting

DC, SF, NYC

Nava

Experienced Software Engineer – Backend

Apply Now
Washington, DC

Nava

Infrastructure Engineer (DC, SF, NYC)

Apply Now
Philadelphia

Technically Media

Technical.ly Client Success Manager

Apply Now

TransitScreen launches its first mobile app

These 8 entrepreneurs are presenting at Lyft’s first pitch competition

Galley adds Saturday meal delivery in DC, Northern Virginia

SPONSORED

DC

TEDCO’s Builder Fund is closing the investment gap for more entrepreneurs

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!