The software startup will utilize the fund to accelerate product development and expand in Asia, North America, and Europe to address the product's growing demand.
BosonQ Psi (BQP), a Quantum-based enterprise SaaS software venture, has raised $525,000 in pre-seed funding led by 3to1 Capital. Key industry leaders participated in this round, both from India and US. Notable Indian-based angel investors include Abhay Tandon, Vijay Sethi, Chandan Chowdhury, Saptorshi Hore, Neeraj Khandelwal, Ankur Jain, Vijay Rajagopal, and Abhishek Sureka. Notable US-based angel investors include Shankar Rachakonda and Anand Reddy.
Abhishek Chopra, Co-Founder & 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 their products' innovation cycle, respectively. For businesses this means reducing both CAPEX and OPEX respectively."
The startup is developing the world's first Quantum-powered engineering simulation software - BQPhy. With its product, enterprise customers from the automotive, aerospace, and manufacturing sector can accelerate their time-to-market significantly while increasing the quality of their products.
Abhay Tandon, Co-Founder and GP at 3to1 Capital, mentioned, "We believe in investing in smart founders who are audacious enough to build the future! The BQP founders and team are building the future through quantum tech, 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 for the consumers around safety and confidence. It's a huge market with a multi-billion-dollar TAM and the founders have the gumption to make it happen! We firmly believe in their vision and are glad to be a part of their journey."
The MVP of BQPhy was launched earlier this year at the Quantum Business Europe conference and gained significant traction post their launch. BQP is currently carrying out pilots with global automotive, aerospace, and manufacturing companies. With the funding, the team is now gearing 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 & CTO of BosonQ Psi.