< Quantum Rings is a participant in Cohort 4 of Duality >
State Farm Ventures has announced a strategic investment in Quantum Rings, a quantum computing company looking to make the transformative technology available to everyone.
“The involvement of State Farm Ventures, alongside our continued relationships with Duality Accelerator and the Polsky Center at the University of Chicago, signifies strong support from key players in both the venture capital and deep-tech innovation ecosystems,” said Bob Wold, CEO and cofounder of Quantum Rings.
“It’s particularly exciting to see a large enterprise company, even from a market often perceived as more conservative, like the insurance industry, recognize the transformative potential of quantum computing,” he added.
Quantum Rings makes quantum computing practical and accessible to a broad audience. Its flagship product, the Quantum Rings SDK, offers a powerful quantum simulator that sets a new standard for developers. This simulation technology can accurately execute quantum circuits of unparalleled scale and complexity on existing classical hardware as the first step in developing a quantum algorithm.
The Quantum Rings SDK addresses the high costs, long wait times, and other limitations that have historically restricted access to quantum computing, enabling more developers to build and deploy quantum applications with zero wait times and zero per-use costs.
“The State Farm Ventures team is dedicated to investing in innovative opportunities that advance technological capabilities and move industry forward. Alongside Duality Accelerator and the Polsky Center at the University of Chicago, we look forward to supporting Quantum Rings as they continue to innovate and drive the future of quantum computing,” State Farm Ventures said in a statement.
The capital from State Farm Ventures will directly accelerate Quantum Ring’s mission to make quantum computing accessible to everyone. The company’s roadmap focuses on three key areas:
- Platform Enhancement: Continued advancement of core simulation technology, pushing the boundaries of what’s possible in terms of fidelity and scale on standard hardware.
- Expanded Reach: Broaden user base, making the advanced simulation platform easily available to more developers, researchers, and organizations.
- Enterprise Empowerment: A significant focus will be on enabling large enterprises to overcome practical quantum computing challenges, helping them maximize their existing quantum investments.
“We are incredibly grateful for forward-thinking and innovative investors like State Farm Ventures, who recognize the bright future ahead of us in quantum computing,” said Wold. “This strategic investment empowers us to accelerate our mission: making quantum computing truly accessible for developers, researchers, and enterprises alike. It’s a pivotal step in democratizing this transformative technology and driving the future of the field.”
For more information about Quantum Rings, visit quantumrings.com.