Israel advanced quantum control solutions company Quantum Machines today announced the completion of a $170 million in an oversubscribed Series C financing round led by PSG Equity with participation from Intel Capital, Red Dot Capital Partners, and existing investors. This brings the total amount raised by the company to $280 million.
"Globes" has learned that $20 million of the funds raised is from the selling of shares by the founders and employees in a secondary deal. Sources also say that the company's valuation, which before the latest round was $520 million, has now risen to $670 million.
The investment comes as the majority of quantum computing companies now rely on the company's technology to build and scale their systems and Quantum Machines will leverage this funding to help drive the development of quantum computers with tens of thousands of qubits.
Quantum Machines was founded by CEO Dr. Itamar Sivan, CTO Dr. Yonatan Cohen and chief engineer Dr. Nissim Ofek. The company has 170 employees, half of them in Tel Aviv and the remainder in Denmark, Germany, Japan and the US. 50% of employees have Ph.Ds.
Dr. Sivan said, "The quantum computing ecosystem has opened up and there are now hundreds of teams worldwide advancing the bleeding edge in parallel, with breakthroughs emerging at an unprecedented pace. Significant adoption of quantum computers is around the corner. Quantum is one of the biggest, most important technological races of our generation. It’s a no-lose game, and we are deeply honored to work with the leaders in this field, delivering the core infrastructure to make this possible."
Quantum Machines' hybrid control technology enables seamless execution of some of the most demanding computational requirements across all types of quantum computers. This versatility has driven its rapid adoption by a majority of quantum computing companies worldwide. Quantum Machines' collaboration on NVIDIA DGX Quantum, combining accelerated computing with real-time quantum control, further shortens the timeline from breakthrough to practical quantum computers.
Dr. Cohen said, "Turning a quantum processor into a functional quantum computer is an immense technical challenge. You need to precisely control the quantum system, process huge amounts of data in real time, and orchestrate complex algorithms across quantum and classical processors. Our platform uniquely integrates all these capabilities, enabling teams to rapidly go from innovations in their laboratories to deployment in data centers."
Published by Globes, Israel business news - en.globes.co.il - on February 25, 2025.
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