Strangeworks Commercial Success In Quantum Computing Drives Ecosystem Expansion, Lands $24M Series A

Series A led by Hitachi Ventures, with investment from IBM, and Raytheon Technologies, with follow-on investment from seed investors Lightspeed Venture Partners, Great Point Ventures, and Ecliptic Capital solidifies Strangeworks' trajectory for the next 5 years.

AUSTIN, TX March 21, 2023 – Strangeworks, Inc., announced the successful completion of their $24M Series A funding on the 5th anniversary of the company’s public debut at SXSW in 2018. Led by world-class investors who share the company's mission to empower visionaries to turn “what if” into “what is,” the new funding reaffirms the company’s go-to-market strategy in the emerging quantum computing market, which is projected to hit $125 billion by 2030.

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The gist of it

With this investment, Strangeworks expanded its core team by 40% in Q4 2022 and will be able to offer a wider range of technologies beyond quantum computing, including quantum-inspired, high-performance computing, and artificial intelligence. This allows Strangeworks to provide immediate business value to enterprises while helping them prepare for an ever-changing computing landscape.

"Today's announcement represents a significant milestone for Strangeworks," said founder and CEO, whurley. "Five years ago, I took the stage at SXSW for our first quantum computing keynote. Since that day this team has stayed focused on our core mission, continuously outpacing industry expectations while diligently managing capital. Raising the Series A from these exceptional investors in this challenging economic climate sends a clear message to the market on where enterprise companies are placing their bets in the race to create quantum value."

”Hitachi identified quantum computing as a key technology to advance society and develop its own quantum technologies and quantum-inspired solutions. Quantum computing has the potential to help solve some of the world's most pressing problems, from fighting climate change to curing fatal diseases that require far greater computational power than is currently available in classical computers. The Strangeworks platform removes barriers to access quantum and quantum-inspired solutions creating customer value already today,” notes Dr. Norihiro Suzuki, CTO of Hitachi, Ltd. ”Strangeworks allows simple and fast deployment of quantum resources, so customers can focus on the development of business applications. The overwhelming customer interest proves that need,” adds Tobias Jahn, Partner at Hitachi Ventures.

“Our investment in Strangeworks is well aligned to our mission of solving our customers' most complex challenges,” said Dan Ateya, president and managing director at RTX Ventures, the corporate venture capital arm of Raytheon Technologies. “We believe Strangeworks’ platform and their ability to make quantum and high-performance computing more accessible can support a wide range of applications in the aerospace, defense, and commercial sectors.”

“Quantum computing is here, but exploiting its advantages requires rare know-how and lots of capital”, said Ray Lane, Managing Partner of Greatpoint Ventures. “Strangeworks democratizes quantum computing by opening proprietary platforms to consumption-based usage, this is how large tech markets are unleashed”.

The Strangeworks ecosystem is available to everyone today, having passed beta testing by select enterprises in 2022. To learn more, or to get started, visit https://strangeworks.com

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Additional information

About Strangeworks

Based in Austin, Texas, Strangeworks removes the barriers to quantum, so you can turn what if into what is, with the most complete quantum ecosystem available. Move every bold idea forward faster with all the quantum and quantum-inspired solutions, all in one place. Stretch your budgets further with scalable utility pricing and flexible spending management. Do epic sh*t today, and prepare for quantum advantage tomorrow. Contact: inquiries@strangeworks.com

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About Hitachi Ventures‍

Hitachi Ventures is the strategic corporate venture capital arm of Hitachi, Ltd. We invest in innovative startups with strategic relevance to Hitachi, Ltd. that address society’s key technological challenges in target areas such as mobility, health care, and smart life, industry, energy, and IT. With offices in Munich and Boston, we cover Europe, Israel, and North America. We look for leading startups with exciting technologies and business models that we support as investors as well as through strategic collaborations with Hitachi business units. https://www.hitachi-ventures.com/

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About IBM

IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs, and gain a competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications, and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions, and business services deliver open and flexible options to our clients. All of this is backed by IBM's legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit https://www.ibm.com/quantum

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About Raytheon Technologies

Raytheon Technologies is the world's largest aerospace and defense company. Our global team of 180,000 employees pushes the limits of known science and redefines how we connect and protect our world. We are advancing aviation, building smarter defense systems, and creating innovations to take us deeper into space. The company, with 2022 sales of $67 billion, is headquartered in Arlington, Virginia.

Contact: corporatepr@rtx.com

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