In yet another signal of the growing investor belief in the power of quantum computing, Israel-based Quantum Machines raised $50 million from a clutch of venture capital investors earlier this week.
The investment was spearheaded by Israel-based Red Dot Capital Partners, which invests in Israeli high tech companies. Its Managing Partner, Yaniv Stern will join Quantum Machines’ board.
Exor, Claridge Israel, Samsung NEXT, Valor Equity Partners, Atreides Management LP participated in this round and were joined by TLV Partners, Battery Ventures, 2i Ventures, an affiliate of Altshuler Shaham in this round.
“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. Itamar Sivan, CEO of Quantum Machines in a press release.
Founded in 2018, Quantum Machines has in the last few years achieved a few milestones which enabled this latest round of fundraising.
It has built a Quantum Orchestration Platform (QOP) which helps to control and operate quantum processors. The company has also developed QUA, a pulse-level quantum coding language which it claims is a “quantum language was built by quantum physicists for quantum physicists.”
Over the past year, the company has seen its business boom and its team size of physicists and engineers triple across Israel, France, Germany, Canada, and the United States. It plans to use the funds raised to grow the QOP and QUA, release breakthrough technologies and to open offices in new countries.
The company’s customers span 15 countries and include among them multinational corporations, leading government laboratories, academic institutions, and nimble quantum startups.
“Quantum Machines is focused on solving a critical bottleneck with quantum research and development, providing the best infrastructure capable of the most advanced algorithms and scaling at the rate of development,” said Dr. Yonatan Cohen, co-founder, and CTO at the company.