(LinkedIn) BEIT Inc. announced it successfully raised $1.4M funding from a consortium led by Kindred Capital, including Manta Ray Ventures, Firebolt Ventures, Charles M. Songhurst and George Armoyan in fall 2019. The new investors were our CDL investors: Data Collective VC, Bloomberg Beta and Spectrum28.
The funds will be used to match the company’s EU grants of $2,600,000 in order to speed up the development of quantum algorithms, as well as to expand business development.
“This is the first equity financing round for BEIT Inc. The process of collecting the investment round was not easy, but I believe that we now have an outstanding international team of experienced business leaders willing to support BEIT Inc. with a lot more than just money. The new chapter for BEIT Inc. has just begun!” – said the company’s CEO, Paulina Mazurek.
“We have been hugely impressed by the experienced team and the technology that has been developed so far with grant funding, and we’re excited to have had the chance to invest in Beit. We’re encouraged by the team’s early algorithms, which are showing strong promise in pilot cases, and we believe their work will enable a new infrastructure paradigm which will provide unlimited market opportunities as quantum hardware and the broader supporting stack continues to develop.” – says Chrys Chrysanthou from Kindred Capital.
BEIT Inc was set up in Dover, Delaware, US on the 9th of August 2018 by three ex-Googlers: Wojciech Burkot, Witold Jarnicki and Paulina Mazurek. The company fully owns Polish subsidiary, BEIT Sp. z o.o., with a team of 11 exceptional engineers, mathematicians and physicists.
Thus far, the company did a pilot project with automated green groceries warehousing, Ocado, based in the UK.