Intesa Sanpaolo invests in Israeli quantum computing firm Classiq
(MorningStar) Intesa Sanpaolo recently announced that it is investing an unspecified amount in Classiq, an Israeli quantum computing company. IQT-News shares the announcement below.
Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy’s largest bank by total assets and the world’s 27th larges.
The deal was conducted through the Neva First Fund, an investment fund that is part of Intesa Sanpaolo’s venture capital arm Neva SGR. Since 2020, Neva SGR has invested about 67 million euros ($69.8 million) through its the fund, which has a EUR250 million endowment, the Italian banking group said.
Neva SGR Chief Executive Mario Constantini said the development of quantum computing has high potential for the financial sector.
“We are confident that our commitment to Classiq will provide excellent returns,” he said.
Sandra K. Helsel, Ph.D. has been researching and reporting on frontier technologies since 1990. She has her Ph.D. from the University of Arizona.