Rahko raises £1.3M seed round to expand the expert team and break new ground in ‘quantum discovery’

OCT 11, 2019

Quantum machine learning company Rahko has raised £1.3m (USD1.6) in a seed round led by Balderton, with participation from AI Seed and leading angel investors.

Founded last year by Leonard Wossnig, Edward Grant, Miriam Cha and Ian Horobin, Rahko is building a ‘quantum discovery’ capability for chemical simulation, which could enable groundbreaking advances in batteries, chemicals, advanced materials and drugs.

The funding will help Rahko to grow its team of experts in order to take on bigger and more ambitious work. It expects to recruit from across the globe, since quantum machine learning is an emerging discipline with few practitioners.

Read Colin Hanna's thinking behind the investment here.

The funding was announced today in TechCrunch.

Most people find quantum computers mysterious and wonder if they are going to save or break the world as we know it. In reality, quantum computing is going to unlock radical advances in areas of research and technology in which we have found ourselves stuck for some time now. Our team is excited to get together every day to work on problems that would have been impossible to solve only a couple of years ago. We are delighted to welcome on board this unique group of investors who truly share our excitement.

Leo Wossnig, CEO, Rahko

Chemical simulation is a vital capability that has not advanced significantly in recent years due to the limited computational power of classical computers - even the world’s largest supercomputers.

With the Rahko quantum machine learning software platform and joint research with some of the world’s largest companies, Rahko is building an arsenal of tools that may make quantum computers accessible and commercially usable at an accelerated pace, often through the use of hybrid approaches with classical computers.

Three of Rahko's four cofounders at the Balderton People Summit in July 2019. From left to right, Leo Wossnig, Miriam Cha, and Edward Grant.

Earlier this year, Wossnig was the recipient of the prestigious 2019 Google Fellowship in Quantum Computing, for his exemplary achievement in computer science.

Rahko is one of the top teams in the world working on a complex space at the very edge of science and computing. The application of discoveries within quantum has already been profound and impacted our fundamental understanding of the world around us. The pace and rate of change in this field over the past few years has been astonishing, and we feel incredibly lucky to be supporting this exceptional team as they continue to push the boundaries of what’s possible.

Lars Fjeldsoe-Nielsen, general partner at Balderton

Rahko is one of several startups originating from UCL’s Computer Science programme, supported by Conception X, a venture builder for deep tech startups. Rahko's angel investors include Charles Songhurst (former Microsoft Head of Corporate Strategy), Tom McInerney (Founder, TGM Ventures), John Spindler (CEO, Capital Enterprise) and James Field (CEO, LabGenius).

Read more about the news in TechCrunch.

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