Venture Capital: Quantum Machines Nabs $50M Series B
The Israeli startup aims to bring about “useful quantum computers.”
Quantum Machines, a startup based in Israel, has developed a Quantum Orchestration Platform (QOP) that allows users to implement computing via the revolutionary quantum processors. The platform makes it easier to build and operate quantum computers using the company’s standard universal language developed for the purpose. The company announced Monday its raise of $50 million in a Series B funding round led by Red Dot Capital Partners. (CISION PRNewswire)
Other investors that participated in the round included Exor, Claridge Israel, Samsung NEXT, Valor Equity Partners, and Atreides Management LP. TLV Partners, Battery Ventures, 2i Ventures, an affiliate of Altshuler Shaham also joined, as well as other existing investors.
“Quantum processors hold the potential for immense computational power, far beyond those of any classical processor we could ever develop, and they will impact each and every aspect of our lives,” said Dr. Itamar Sivan, CEO of Quantum Machines, in a statement.
According to The Times of Israel, which cited recent market projections, the global quantum computing market size is expected to value $487.4 million in 2021 and reach $3.7 billion by 2030.
Quantum computing can perform complex calculations in seconds that would take modern supercomputers years to complete.
QOP and QUA
Founded only in 2018 by award-winning quantum electronics experts Dr. Sivan, Dr. Yonatan Cohen and Dr. Nissim Ofek, Quantum Machines built the QOP to offer a hardware and software solution for operating quantum systems to facilitate research and enable future breakthroughs.
The company also developed QUA, the first standard universal language for quantum computers. Taken together, QOP and QUA have the potential to boost quantum R&D teams’ productivity “by orders of magnitude.”
“Our latest funding represents the largest ever investment in a non-full-stack quantum startup and is a major step forward towards implementing an effective cloud infrastructure for quantum computers,” said Dr. Sivan.
Quantum Machines now counts multinational corporations, leading government laboratories, academic institutions, and startups at the forefront of quantum development amongst its customers.
It has reported “major growth” over the past year and tripled its team of physicists and engineers based in Israel, France, Germany, Canada, and the United States.
Related Story: UK Unit For AI And Quantum Computing To Cost £210M
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