Quantum Machines raising $100 million amid global quantum race
Quantum Machines raising $100 million amid global quantum race
As competition in quantum computing heats up, Quantum Machines is in the process of securing the largest funding round in Israel's quantum sector.
Israeli quantum computing startup Quantum Machines is in the process of raising $100 million at a significantly higher valuation than its previous round, Calcalist has learned. This marks the largest funding round for a quantum technology company in Israel to date.
A quantum computer is based on the properties of quantum particles, and can perform many calculations using the same algorithm at a great speed, such as image processing, simulations and the decoding of codes.
Quantum Machines has raised $83 million in total to date, with investors including Claridge Israel, Battery Ventures, Maor Investments, Harel Insurance, Meron Capital, OurCrowd, Qualcomm Ventures, TLV Partners, entrepreneur Avigdor Willenz, Samsung Next (the investment arm of Samsung), and the Israeli-based Red Dot Capital Partners.
Quantum Machines was founded in early 2018 by Dr. Itamar Sivan (CEO), Dr. Yonatan Cohen (Chief Technology Officer), and Dr. Nissim Ofek (VP of R&D). All three are physics PhDs specializing in quantum computing and quantum electronics, having conducted their research at the Weizmann Institute's Submicron Center under the mentorship of Prof. Moty Heiblum.
Rather than attempting to build a full quantum computer, Quantum Machines chose to focus on developing control technologies for quantum computers. The company recognized the immense competition posed by global tech giants with seemingly infinite resources, as well as the extended time frames required to build a complete quantum system. Instead, Quantum Machines developed hardware and software that enable the operation and integration of quantum systems within existing computing environments.
In 2022, the company acquired the Danish startup QDevil, which develops electronic components for quantum computers and now serves as Quantum Machines' European hub. The company also collaborates strategically with Nvidia, jointly developing systems that combine the two companies' technologies. One such system, the DGX Quantum, has already been integrated into Israel's quantum computing center.
Quantum Machines employs over 150 people across Israel, the United States, and Europe. In July 2022, the company was selected to establish Israel's national quantum computing center, which opened in 2024. The NIS 100 million center, two-thirds funded by the Israel Innovation Authority, is located at Tel Aviv University. It provides access to research and development across all hardware and software layers using three different quantum processing technologies.
“All of the world’s most advanced quantum computing research facilities are closed or offer very limited access to those outside of their organization. You can’t compete if you need to fly halfway around the world for limited access,” said Sivan when the center was launched in June. “When we thought about what would propel quantum computing forward, we realized that building the most advanced facility in terms of interoperability, modularity, and integration with high-performance computing (HPC) and the cloud was the way to go. Our open architecture approach will ensure that the facility can be continuously upgraded and scaled to stay at the cutting edge, making it an accelerator for the entire ecosystem in Israel and internationally.”
Quantum Machines declined to comment on the funding news or verify it.
