Israeli startup Quantum Machines has announced the completion of a $50 million financing round led by Red Dot Capital Partners with the participation of Exor, Claridge Israel, Samsung NEXT, Valor Equity Partners, Atreides Management LP, TLV Partners, Battery Ventures, 2i Ventures, an affiliate of Altshuler Shaham as well as other existing investors. Red Dot Capital Partners managing partner Yaniv Stern will join Quantum Machines' board of directors.
Quantum Machines has launched the Quantum Orchestration Platform, and a programming language called QUA, which enables research groups to write algorithms that can be run on any quantum computer in the world of any kind. The advanced capabilities and infrastructure enable researchers to execute the highly complex algorithms necessary for tackling the most advanced challenges facing quantum computing, including quantum error correction, multi-qubit calibrations, and more. The new funds will be used to expand the company's growth into quantum cloud computing and drive its worldwide distribution including opening offices in additional countries.
Quantum Machines was founded in 2018 by CEO Dr. Itamar Sivan, CTO Dr. Yonatan Cohen, and chief engineer Dr. Nissim Ofek. Serial entrepreneur and investor Avigdor Willenz sits on the boared of directors.
Dr. Sivan said, "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. Given that we work with so many of the global leaders in the field, we are in an incredible position to make this happen sooner than ever believed possible. 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."
The Tel Aviv-based company has seen major growth over the past 12 months, tripling its interdisciplinary team of physicists and engineers based in Israel, France, Germany, Canada, and the US. Customers are among the leaders in the industry, including multinational corporations, leading government laboratories, academic institutions, and startups at the forefront of quantum development.
Dr. Cohen said, "Despite the unprecedented challenges the world faced in 2020, we've had a year of remarkable achievements. Quantum technology development is rapidly accelerating, and researchers require tools that can push their capabilities to the next level. 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."
Published by Globes, Israel business news - en.globes.co.il - on September 9, 2021
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