Chhattisgarh, India-based enterprise software venture BosonQ Psi that is leveraging the power of Quantum computing to speed up virtual simulations of Multiphysics and Computer-Aided Engineering (CAE) nature, has raised $525,000 in a pre-seed funding round led by 3to1 Capital.
The startup that aims to become the premier Multiphysics simulation software using quantum computing saw participation from key India and US-based angel investors like Abhay Tandon, Vijay Sethi, Chandan Chowdhury, Saptorshi Hore, Neeraj Khandelwal, Ankur Jain, Vijay Rajagopal, Abhishek Sureka, Shankar Rachakonda and Anand Reddy.
Abhishek Chopra, Co-Founder and CEO of BosonQ Psi, said, “Large-scale engineering simulations are vital in developing engineering-heavy products, from cars to aircraft or from drug discovery to additive manufacturing.”
“Quantum computing, with its unimaginable power, will unlock the new realm of such simulations which previously couldn’t be performed accurately or were cost and time prohibitive. With BQPhy, engineering and R&D teams can now avoid costly recall issues and speed up their products’ innovation cycle, respectively. For businesses, this means reducing both CAPEX and OPEX respectively,” added Abishek Chopra.
Indian startup from a tier-2 city measuring the future with technology
BosonQ Psi, which is headquartered in the Indian state of Chattisgarh, was founded by Abhishek Chopra (CEO), Rut Lineswala (CTO) and Jash Minocha (CFO) in 2020. It is among many technology startups making its mark at the global Quantum Computing forum coming from an Indian tier-2 city that narrates the tale of revival in the country.
Abhay Tandon, Co-Founder and GP at 3to1 Capital, mentioned, “The BQP founders and team are building the future through quantum computing technology, which has a multifold impact on society. Through their innovative simulation engineering modules powered by quantum tech, they would solve problems for large enterprises such as faster GTM and robust products and the consumers around safety and confidence.”
BosonQ Psi (BQP) announced the first look of the Quantum-powered computer-aided engineering (CAE) software suite — BQPhy™ on January 26, 2022, at the Quantum Business Europe conference. This software suite could be used by automotive, aerospace and manufacturing companies to perform complex simulations in significantly less time than traditional software using Quantum computers.
The unmatchable speed and accuracy will be delivered through novel engineering solvers which utilize BQP’s proprietary hybrid quantum-classical algorithms. BQP is currently carrying out pilots with global automotive, aerospace, and manufacturing companies. With the funding, the team is now gearing up for the product launch next year, with the alpha and beta versions being launched later this year.
“We’re getting a lot of inbound traction from top enterprise customers because they can readily see the competitive edge they could get with our solution and save millions of dollars. The funding will aid in hiring more people who are highly specialized to deliver such innovative products both from the tech and commerce side of things,” added Rut Lineswala, Co-Founder and CTO of BosonQ Psi.