Quantum Machines, the Israeli start-up specializing in control technology for quantum computers, is currently raising $100 million in what will be the largest funding round for an Israeli quantum-tech company, Calcalist has learned. The company has raised $83 million to date, including $50 million in September 2021 and $17.5 million in March 2020. Among its investors are Claridge Israel, Battery Ventures, Maor Investments, Harel Insurance, Meitav Dash, OurCrowd, Qualcomm Ventures, TLV Partners, Samsung Next, and Red Dot Capital Partners. Reports indicate that most previous investors are participating in the current round.
Quantum computers harness the properties of quantum particles to perform calculations at incredible speeds, making them ideal for tasks with identical algorithms, such as image processing, simulations, and cryptographic decoding. This groundbreaking technology has the potential to revolutionize fields like computer security, drug development, and advanced calculations across industries. Fields once limited by computational capabilities will gain unprecedented power in the quantum era.
Instead of competing with tech giants to develop a full-scale quantum computer, which requires significant resources and long development times, Quantum Machines chose to focus on control technology. The company has developed hardware and software solutions that enable the operation of quantum systems and their integration with existing computing infrastructure.
Founding and growth
Founded in early 2018, Quantum Machines was established by Dr. Itamar Sivan (CEO), Dr. Yonatan Cohen (CTO), and Dr. Nissim Ofek (VP of Research), all of whom hold doctorates in physics, specializing in quantum computing and quantum electronics. Their research was conducted at the Submicron Research Center of the Weizmann Institute of Science under the guidance of Professor Moty Heiblum. The company now employs over 150 people across Israel, the United States, and Europe.
In 2022, Quantum Machines acquired QDevil, a Danish start-up specializing in electronic components for quantum computers. QDevil now serves as the company's European hub. Additionally, Quantum Machines has a strategic partnership with NVIDIA to jointly develop systems that combine their technologies. One of their systems, DGX Quantum, has been integrated into Israel's Quantum Computing Center.
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In July 2022, Quantum Machines was selected to establish Israel's Quantum Computing Center, which opened in 2024. The center, located at Tel Aviv University, was built with an investment of $26 million, two-thirds of which was funded by the Israel Innovation Authority. The center features three small quantum computers and provides access to research and development at all levels of hardware and software across three quantum processing technologies. Companies can perform direct calculations on the systems, with future plans for cloud-based access.
At the center's inauguration, Dr. Itamar Sivan stated: "In the global race to develop practical quantum computing, access to advanced infrastructure is essential. Most advanced quantum computing research facilities worldwide are either closed or offer very limited access to those outside their organizations."
Quantum Machines declined to comment or confirm the details of the funding round.