United States firm Strangeworks acquires Quantagonia for a substantial sum of money.
Strangeworks Expands Quantum Portfolio with Acquisition of Quantagonia
In a strategic move to bolster its offerings in the quantum computing sector, the US quantum computing specialist Strangeworks has acquired the German startup Quantagonia. The acquisition, which took place in Austin, Texas, adds Quantagonia's software to Strangeworks' portfolio, marking an expansion into Europe with locations in Munich and Frankfurt.
Quantagonia, founded in Bad Homburg near Frankfurt, Germany, does not build quantum computers but develops software that translates existing program code to run on quantum computers. This technology is particularly relevant in the quantum computing industry, where conventional software often cannot be executed on the most powerful computers due to the use of qubits instead of classical bits.
The acquisition of Quantagonia by Strangeworks follows the trend of consolidation in the quantum computing sector, with companies combining hardware and algorithm development to better serve large industrial customers. Quantagonia acts as a translator between classical and quantum computer systems, automatically deciding on which system a specific problem can be solved most efficiently.
The co-founders of Quantagonia, Dirk Zechiel and Philipp Hannemann, will join the global leadership team of Strangeworks. Sabina Jeschke, another co-founder of Quantagonia, previously served as the digital board member of Deutsche Bahn and an AI professor at RWTH Aachen and TU Berlin.
The exact purchase price for Quantagonia is not disclosed, but it is estimated to be between 1.2 to 1.5 times the last valuation of 13 million euros, or 20 to 30 million euros if considering the quantum computing industry's valuation factors. The investors involved in Quantagonia's last financing round in 2023 are not explicitly named in the available sources; however, the startup secured a total of €4.3 million in seed funding to develop its product and expand sales.
The industry is young and active, with acquisitions and exits like Quantagonia's likely to occur more frequently in the future, particularly in the software sector. Quantum computing is considered one of the next billion-dollar markets, with potential applications in various industries such as pharma and healthcare, climate technology, renewable energy, industry, logistics, and banking and finance.
The acquisition of Quantagonia by Strangeworks is a significant step towards advancing quantum computing technology and its practical applications. As the industry continues to grow and evolve, we can expect to see more collaborations and acquisitions that will further drive innovation and development in this exciting field.
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