Israel’s Quantum Machines (QM), a hardware and software solution for quantum computers, took another step toward its goal of worldwide distribution and expansion into quantum cloud computing by closing $50 million Series B round of funding, the company announced on Monday.
Red Dot Capital Partners led this round, with the participation of Exor, Claridge Israel, Samsung NEXT, Valor Equity Partners, and Atreides Management LP. They were joined by TLV Partners, Battery Ventures, 2i Ventures, an affiliate of Altshuler Shaham as well as other existing investors.
The company aims to use the funding for the release of more breakthrough technologies and has a plan to open offices in new countries.
Founded in 2018 by Dr. Itamar Sivan, Dr. Yonatan Cohen and Dr. Nissim Ofe, Quantum Machines has developed an orchestration platform that makes it seamless to realize the potential of all quantum processors. QM has established itself as a leading provider of control and orchestration systems for quantum computing across companies and research centers with a customer base now spanning 15 countries.
Earlier in 2021, Israel’s Quantum Machines was selected as US business magazine Fast Company’s most innovative companies in the Europe/Middle East/Africa category. The magazine recognized that quantum computing is the next frontier. The company released its QUA standard universal language for quantum computers, which it released in 2020. The company’s new language is now allowing researchers and scientists around the world to write programs for varied quantum computers with one unified code, which can be run on any quantum computer in the world of any kind.
“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,” said Dr. Sivan, CEO of Quantum Machines. “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 toward implementing an effective cloud infrastructure for quantum computers,” he added.
Despite the challenges of 2020 and 2021, Quantum Machines has had a year of “remarkable achievements,” according to Cohen, the company’s co-founder and CTO.
“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,” he said.