QxBranch raises $4.1 million Series A, plans hiring

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.