Good Chemistry Company lands seed funding from Green Sands Equity
The startup recently spun out of Vancouver-based 1QBit.
A local company working to accelerate the pace of innovation has secured a speed boost itself. Good Chemistry Company, a spinout of Vancouver-based 1QBit, said it secured seed funding to expedite the discovery and design of new materials across a vast number of industries. The funding was led by Green Sands Equity with participation from WorldQuant Ventures and Accenture. The dollar amount was not disclosed.
Why it matters: While still rather esoteric to the vast majority of people, quantum computing is increasingly on the minds of corporate leaders. Good Chemistry Company’s platform, QEMIST Cloud, combines cloud, AI and quantum computing in an integrated environment designed for developers. Harnessing this technological mix, Good Chemistry aims to change the way new materials are discovered and designed in sectors including chemical, pharmaceutical, oil and gas, automotive, and academic research.
Heading Good Chemistry’s team is founder and CEO Arman Zaribafiyan, 1QBit’s first hire and founder of its quantum simulation division. Zaribafiyan says the new funding will enable his team to explore the vastness of the chemicals space and materials design at scale.
In connection with this announcement, Good Chemistry is the latest organization to join Accenture Ventures’ Project Spotlight, an engagement and investment program that connects emerging technology software startups with the Global 2000 to fill strategic innovation gaps.
In a recent Accenture study, 69 percent of global executives said that quantum computing will have a “breakthrough or transformational positive impact on their organizations in the future.” If Accenture has made the right call with supporting Good Chemistry, both financially and program-wise, the origin of this impending business transformation might just be B.C.