Tampere, Finland-based Quanscient, a cloud-and-quantum-powered multiphysics simulation software provider, announced on Thursday that it has secured €3.9M in a Seed round of funding led by Maki.vc.
The round also includes €446K of non-equity funding from Business Finland, including a quantum research grant and R&D loan.
Quanscinet says it will use the funds to advance its product development and expansion.
Quanscient: Bringing hardware innovation with fast simulations
Founded by Juha Riippi, Asser Lähdemäki, Alexandre Halbach, and Valtteri Lahtinen in 2021, Quanscient is the first provider of cloud and quantum computing-powered multiphysics simulation technology.
Quanscient simulation technology reduces simulation time from weeks to just hours, enabling faster R&D and product-to-market for industrial companies in fusion energy, electric motors, and 5G technology.
“With the help of our technology, innovation, and product development become more efficient, and products are brought to market faster. For example, simulating superconductors, which are crucial for fusion energy, MRI devices, and high-tech components, is extremely complex. With the existing solutions, it can take up to a month to run a superconductor simulation to provide feedback for product development. Quanscient can do this in a few hours,” says Quanscient co-founder and CEO Juha Riippi.
The platform offers fully digital R&D processes with its unique combination of native multiphysics algorithms, advanced cloud computing, and the prospect of future quantum integration.
The Finnish company claims its cloud-based simulation technology enables faster product development and speeds up bringing products to market, saving time and costs for innovative companies.
“Quantum simulations can replace expensive and extremely time-consuming physical testing, such as wind-tunnel testing for airplanes, with simulations. This allows engineers to refine designs using computer-aided design and simulations instead of building expensive prototypes and taking them into wind tunnels for testing,” says Riippi.
Besides cloud computing simulation, the company is building quantum computing algorithms to accelerate simulations even further.
“The whole industry is in an interesting phase. For example, the simulation data offers new interesting openings. The data could be used to train machine learning models and thus facilitate product development work with the help of artificial intelligence. Going forward, breakthroughs in new technologies can be made much faster and more cost-efficient,” Riippi adds.
The technology has been successfully piloted with some leading global companies such as Intel.
Currently, the company employs 18 people from seven nationalities.
The Investor
Maki.vc is an early-stage venture capital firm that partners with deep tech and brand-driven companies that challenge category norms from inception to series A and beyond.
“We are thrilled to be supporting the next stage of Quanscient’s journey,” says Ilkka Kivimäki, founding partner at Maki.vc.
“Quanscient’s product delivers unforeseen runtime speed, scale, and accuracy for simulations. The product enables flexibility by allowing the users to combine any physics in a single simulation, providing unforeseen accuracy and usability when solving multiphysics problems,” adds Kivimäki.
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