Tel Aviv-based Quantum Machines has announced the closing of a $5.5 million financing round, led by TLV Partners, with participation from Battery Ventures. The capital raised will enable the company to expand its R&D and present a working product next year - a next-generation control and operating system for quantum computers, with the beginning of cooperation between Quantum Machines and a number of academic institutions and business organizations in Israel and overseas.
Quantum computing is regarded as the most significant revolution in the coming years, which will make it possible to create new, immeasurably stronger computers. Quantum technology, based on quantum theory, will make it possible to create medical systems that are impossible at present, a new type of communications system, new materials with features that are currently impossible, and probably also strategic weapons that will change the global balance of power. Several companies, including IBM, Google, and Alibaba, have already managed to develop initial quantum computers, but the volume of resources needed makes it hard for startups to enter this field.
Quantum Machines was founded this year by three research physicists: VP R&D Dr. Nissim Ofek, CEO Dr. Itamar Sivan, and CTO Dr. Yonatan Cohen. They conducted quantum computing research in recent years at the Braun Center for Submicron Research at the Weizmann Institute under the guidance of Prof. Moty Heiblum. Ofek did his post-doctorate at Yale University.
Sivan told "Globes," "In recent years, we have seen dramatic progress in quantum computing, with research moving from higher education institutions to large international companies investing enormous sums in it. In order to realize this potential, a technological system must be built to operate it, and here we found a need with no solution. We are the first company in the world to focus on control and operating systems for quantum computers. The relevant government ministries are willing to support development. There is understanding that it is necessary to support and strengthen the country in this sector. There is no reason why Israel should not become a leader in quantum computing. Israel has the option of integrating quantum capabilities with engineering capabilities, but there is a long way to go before this can be achieved." Sivan was referring to the government-academic plan for development of quantum capabilities in Israel, reported in "Globes."
TLV Partners managing partner Rona Segev says, "After years of talk about the theoretical capabilities of quantum computers, we saw great practical progress last year. This is an exciting market, with great challenges, that is likely to dramatically alter the world of computing and entire other industries. As a venture capital fund, this is exactly the place we want to enter the picture."
Quantum Machines, founded in 2018, has eight employees. The company plans to hire eight more employees in the coming year, most of them engineers and physicists.
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2018
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