• BlueQubit receives USD 10M of Seed investment from Nyca Partners, Presto Tech Horizons, and others
• The startup develops a library of software and algorithms for various researchers and enterprises to benefit from on quantum hardware
• The new investment will accelerate the development of BlueQubit’s platform and the creation of novel algorithms

Last December, the well-known Prague-based VC fund Presto Tech Horizons (invested in Vidar Systems, among others) took part in BlueQubit’s Seed round of USD 10M. The startup develops a Quantum Software as a Service (QSaaS) platform that simplifies the integration of quantum algorithms into real-world applications. The round was led by Nyca Partners, and other participants included Restive, Chaac Ventures, NKM Capital, and BigStory VC.

To Put Quantum Potential to Good Use

Established in 2022 by Stanford alumni of Armenian descent, BlueQubit positions itself at the forefront of delivering managed quantum computing solutions through its innovative Quantum Software as a Service (QSaaS) platform. The platform streamlines the integration of quantum algorithms into practical applications, granting users access to advanced Quantum Processing Units (QPUs) and emulators. By bridging the divide between emerging quantum technologies and real-world industry needs, BlueQubit empowers enterprises to harness the power of quantum computing without the necessity for substantial investments in specialized hardware.

‘Quantum computers were getting better and better, but there was no good software and algorithms company around with the vision that we had. The hardware needed some level of standardization, which happened more or less around the 2020s,’ BlueQubit’s co-founder and CTO Dr Hayk Tepanyan tells ITKeyMedia.

‘We’ve known Hrant and Hayk from BlueQubit for quite some time and firmly believe they have a strong chance to become one of the most influential companies in the quantum sector,’ Presto Ventures’ founder and managing partner Přemysl Rubeš comments.

Problems for the Quantum to Solve

In today’s landscape, industries such as material science and pharmaceuticals, as well as finance and others, encounter computational challenges that exceed the capabilities of regular computing.

‘The usual barriers holding back quantum researchers and developers are the lack of tools and high level libraries to implement quantum algorithms. Today researchers have to implement everything themselves from scratch—imagine building a website with assembly,’ Dr Tepanyan specifies.

Nyca Partners has been particularly looking to invest in a team who could enable financial services firms to hit the ground running once quantum is here.

Bringing Quantum Advantage to Life

Quantum computing is poised to offer novel solutions to these enduring problems. However, many businesses lack the requisite tools and expertise to fully exploit this potential. BlueQubit’s QSaaS framework suggests a seamless entry point into the quantum realm, supporting a variety of applications from financial modeling to pharmaceutical development and automated visualization. This approach enables developers and researchers to design, test, and deploy quantum algorithms without the typical obstacles associated with quantum computing.

‘Hrant and Hayk have the background, skills and drive to operationalize something that until recently has mostly been theory. But once it becomes mainstream, those who were given a head-start by BlueQubit will come out ahead,’ Nyca Partners’ partner Tom Brown firmly believes

BlueQubit develops cutting-edge algorithms, enterprise applications, and advanced quantum hardware together to drive the realization of Quantum Advantage. According to Dr Tepanyan, Quantum Advantage is any practical problem that can be solved with a quantum computer faster or cheaper than with CPUs and GPUs, e.g. it shows the advantage of quantum computers over traditional computers.

‘Very soon, in the next 5-10 years, we will be using quantum computers to solve problems that are impossible to tackle today—like designing new drugs, new batteries, and new materials,’ Dr Tepanyan promises.

‘Our platform is designed to empower researchers and developers alike. We’re not just developing quantum software, we’re creating an ecosystem where quantum hardware, software, and enterprise use cases coalesce. This funding will allow us to expand our team and deepen our collaborations with hardware providers to unlock new levels of performance and accessibility,’ he adds.

Nearing Real-World Applications of the Quantum

With the recent USD 10M of Seed investment, BlueQubit sets out to enhance its platform’s capabilities further. Planned developments include advanced quantum-AI models for material discovery, improved Quantum Monte Carlo tools for risk analysis, and turnkey solutions tailored to specific industries. These advancements aim to empower enterprises to solve complex problems that are increasingly beyond the reach of regular computing, underscoring the critical importance of timely adoption for companies striving to maintain a competitive edge.

Presto Tech Horizons was launched by Presto Ventures and the Czechoslovak Group (CSG) in mid-2004 to target high-potential dual-use technology startups, supporting innovation and security. According to Mr Rubeš, quantum technologies and their global adoption represent a core investment thesis for Presto Tech Horizons, and recent breakthroughs in the field have only strengthened Presto team’s conviction.

‘This investment enables us to continue building robust, scalable quantum software that bridges the gap between current enterprise needs and the vast potential of quantum computing,’ BlueQubit’s co-founder and CEO Dr Hrant Gharibyan states.

As quantum computers and associated software applications have become more powerful and reliable over the past five years or so, one may expect these trends to accelerate, making now a pivotal time for businesses to prepare for the widespread accessibility of quantum computing. BlueQubit stands ready to guide enterprises through this transformative journey, ensuring they are well-positioned to leverage the benefits of quantum technology. 

‘All signs point to quantum simulations becoming the first real-world application of this technology, addressing computational challenges that are currently too time-consuming or outright impossible to solve, using conventional computers,’ Mr Rubeš summarizes.