By Pierre Bertrand

Intesa Sanpaolo said Monday that it is investing an unspecified amount in Classiq, an Israeli quantum computing company.

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.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

May 16, 2022 12:42 ET (16:42 GMT)

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