Zapata Computing, a Cambridge-based quantum computing startup that spun out of Harvard in 2017, has raised $38 million in Series B funding to optimize workflows, particularly for large enterprises.
The round was co-led by Comcast Ventures, Pitango and Prelude Ventures, with participation from BASF Venture Capital, Robert Bosch Venture Capital, The Engine Accelerator Fund, Ahren Innovation Capital, Alumni Ventures Group, Honeywell Venture Capital, ITOCHU Corporation and Merck Global Health Innovation Fund.
With the funding, the Cambridge startup plans to significantly ramp up its hiring on the technical support side as well as quantum computing research and development.
Zapata Computing holds an exclusive license to a portfolio of quantum algorithms from Harvard University. Essentially, its technology is capable of handling far more calculations in a given amount of time than a classical computer can, enabling it to run a wide variety of simulations to ultimately optimize workflows, supply chains and distribution.
"When you dig into this like we have, we're bringing quantum computers to that party," founder and CEO Christopher Savoie said. "We're a little bit shocked at how arcane some of these systems really are. You would think that a company big in distribution, like Amazon or FedEx or whatever, would have a big supercomputer like the Wizard of Oz saying which package goes where. But usually, it's just a guy with a clipboard saying, 'Yeah, I can fit one more pallet on that truck.'"
As Savoie pointed out, supply chain problems are currently experiencing an unusual amount of time in the limelight due to Covid-19. Everything from toilet paper to an eventual vaccine needs to get in the hands of individuals in entirely new ways — a fact that is not lost on executives of the large corporations Zapata works with.
Zapata's clientele includes BBVA, BASF and Merck, among others; BASF and Merck's venture capital arms both joined in on the Series B round. To Savoie, the funding is an example of increased investment to avoid disruptions in supply and distribution chains. Those kinds of disruptions will only become more likely over time, not just due to pandemics but also because of climate change and geopolitical problems, Savoie said.
"I feel privileged that I can possibly contribute to future solutions with Zapata," he said. "This is just another huge revolution we're going to go through with our capabilities in that area. Hopefully, it'll be a force of good in the world."
