TEL AVIV, Israel, Sept. 10, 2024 /PRNewswire/ -- Quantum Source, an Israel-based company developing, technology for powerful, cost-effective, practical photonic quantum computers, announced today it has raised a $50M Series A investment round led by Eclipse, with participation from Standard Investments, Level VC, Canon Equity, as well as existing investors Pitango First, Grove Ventures, 10D, and Dell Technologies Capital. This brings the company's total funding raised to over $77M. The capital will be used to enhance engineering capabilities and accelerate the commercialization of quantum solutions.
Quantum computing is a fundamental paradigm shift in computing, with the potential to dramatically accelerate technological advancements in drug design, material development, cybersecurity, and more. Large-scale, fault-tolerant quantum computers, with millions of qubits, are critical to unlocking the potential of quantum computing but have yet to reach commercial viability. Photonic quantum computing technology offers the best route to commercialization, however, the biggest obstacle has been the massive inefficiency in creating entangled photonic states, a challenge that Quantum Source addresses.
Quantum Source was founded in 2021 by semiconductor industry veterans and serial entrepreneurs Oded Melamed, Gil Semo, and Dan Charash, and Professor Barak Dayan, a world-leading scientist in the field of quantum optics, who saw an opportunity to solve one of the biggest challenges of photonic quantum computing. The team has taken a novel approach that harnesses single atoms trapped on a proprietary photonic chip to allow deterministic photon generation and entanglement. This results in four orders of magnitude better efficiency compared to other implementations, making the Quantum Source system substantially more scalable, compact, and simpler to control.
"This round is a vote of confidence in our approach to making scalable, useful quantum computing a reality, and a testament to the broader opportunity in quantum computing," said Oded Melamed, Co-Founder and CEO of Quantum Source. "Our game-changing approach, which combines photonic and atomic qubits, will propel quantum computing further toward commercialization, by making large-scale, fault-tolerant quantum computers available to corporations at a practical cost."
With 45 employees, more than half of whom hold PhDs, Quantum Source is uniquely positioned to accelerate growth and innovation in the photonic computing industry. Last year, the company announced a $12M seed extension led by Dell Technologies Capital and welcomed Former Israeli Prime Minister Naftali Bennett to its Board of Directors, providing extensive tech leadership experience that is instrumental in driving Quantum Source's mission.
"Eclipse's investment in Quantum Source underscores our commitment to a future where quantum computing transforms what's possible," said Seth Winterroth, Partner at Eclipse. "With a team of visionary entrepreneurs and leading quantum physicists, Quantum Source is poised to lead a computing revolution that will reshape industries and redefine our future entirely."
"Public, private and government sectors have made significant investments into the quantum industry, underscoring the impact quantum computing can have on shaping our future," said Former Israeli Prime Minister and Quantum Source Board Member, Naftali Bennett. "Quantum Source is at the forefront of this revolution and I believe they will be the team to unlock the promise of quantum computing to transform critical industries."
About Quantum Source
Quantum Source (QS), located in Nes-Ziona Israel, is developing breakthrough technology to enable a commercially viable, fault-tolerant photonic quantum computer with millions of qubits. The company was established in 2021. For more information, please visit: http://www.qs-labs.com/
SOURCE Quantum Source
