State Farm Ventures® Invests in Entropica Labs to Drive Innovation in Quantum Computing
by the Entropica Labs Team
[Singapore, September 2024] — Entropica Labs, the quantum computing software company, is pleased to announce an investment from State Farm Ventures. This investment extends Entropica’s Series A round to a total of US$5.5 million and marks a new chapter in the collaboration between the two companies to accelerate the adoption of quantum computing.
Unlocking the full potential of quantum computing with Fault-Tolerant Quantum Error Correction
To fully unlock quantum computing’s value, the industry needs large-scale quantum computers that are resistant to errors. Entropica Labs is building the logical design software for quantum computing, a software toolchain that enables the design and integration of error correction codes. This software is crucial for the automated management of the fault-tolerant layer of the quantum computing stack, ensuring the reliability and accuracy of quantum computations. Thanks to the additional investment, Entropica will further speed up its research and product development efforts.
“We are very pleased to welcome State Farm Ventures as an investor,” said Tommaso Demarie, CEO of Entropica Labs. “Being supported by the venture arm of a Fortune 50 company like State Farm, a U.S. household name in a traditional industry with a long history of innovation, is a significant recognition of our capabilities.” Demarie adds, “We are excited to collaborate with State Farm’s Innovation Team to test our software tools on insurance use cases. This potential partnership will enable us to apply our solutions to real-world challenges, gaining valuable insights while they benefit from our expertise. Together, we will be able to drive mutual growth and innovation.”
“We see immense potential in quantum computing to drive innovation across multiple sectors. Our investment in Entropica Labs represents our commitment to embracing technologies that can enhance various industries and deliver greater value,” said Michael Remmes, Vice President of State Farm Ventures.
About Entropica Labs
Founded in Singapore by Tommaso Demarie and Ewan Munro in 2018, Entropica Labs (EL) is creating the software layer to support fault-tolerant quantum error correction–the ability to actively remove errors from quantum computations and unlock the transformative applications of quantum computing. EL is a software company driven by a mission to build software tools that empower developers, researchers and domain experts to accelerate the arrival and adoption of useful quantum computers.
For more information, visit https://entropicalabs.com/.
About State Farm Ventures, LLC
State Farm Ventures invests in startups developing technologies and products to fulfil customer needs in ways they may not expect from their insurance company. State Farm Ventures, LLC, is a wholly-owned subsidiary of State Farm Mutual Automobile Insurance Company.
