Tensor Ventures successfully exits from quantum start-up Quantagonia
Strangeworks, a U.S. provider of software for quantum and high-performance computing, has acquired the German start-up Quantagonia, partially owned by the Czech private equity fund Tensor Ventures. In 2023, Tensor Ventures was the main of four contributors in Quantagonia’s funding round, which raised a total of €3.3 million. The exact value of the initial investment as well as the current transaction has not been disclosed by either party.
While classical computers work only with ones and zeroes, quantum computers (after many intermediate steps) are operating on the whole interval between these these two numbers. Both approaches have their advantages and disadvantages. Classical computers are literally lightning fast when working with fixed structures, whereas quantum computers excel in handling uncertainty and probability.
The goal of the start-up Quantagonia was to create software that can grasp optimization and simulation problems and determine which parts are better handled by classical computing and which by quantum computing. The selected parts are then automatically rewritten and executed on quantum computers.
Tensor Ventures is a Czech private equity firm focused on deep tech companies. Most recently, it invested one million dollars in QC82, a U.S. start-up developing quantum processors. Altogether, it has already invested hundreds of millions of Czech crowns. Since May, it has also been seeking up to €20 million from the National Recovery Plan, which would be directed over the coming years into Czech technology start-ups. Strangeworks is a U.S. quantum-focused start-up backed by investors such as Hitachi Ventures and IBM.
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