Rehovot, an Israel-based company developing photonic quantum computers, Quantum Source, raised USD 12 million in seed extension financing. The round took place on April 19, 2023. Dell Technologies Capital led the financing for the company. Meanwhile, 10D, as well as existing investors Eclipse VC, Grove Ventures, and Pitango First, joined in the funding.
So far, the company’s seed round total stands at USD 27 million. It is one of the largest total seed financings in the field of Quantum Computing.
Purpose of financing for Quantum Source
With the latest financing from the seed extension round, the company seeks to expand the research and development team.
It also has plans to scale to reach significant technical and performance milestones. The company aims to build fault-tolerant quantum systems that scale to millions of qubits. It will also have the potential to unleash dramatic acceleration in numerous cutting-edge fields such as drug design, material development, cybersecurity, and the processing of large datasets for AI applications.
What the company’s official has to say
Oded Melamed, co-founder and CEO of Quantum Source, said, “We founded Quantum Source with the belief that photonic quantum technologies are the best route to achieve large-scale, fault-tolerant quantum computers. Our unique approach will dramatically improve the scalability of those machines and will be the key to the commercial success of quantum computers. Having investors such as Dell Technologies Capital believe in us will allow us to accelerate our work and, by extension, entire industries.”
What the investors have to add
Omri Green, a partner at Dell Technologies Capital, further said, “DTC invests in technologies that can move industries forward. We believe quantum computing has this potential and, as our first investment in this area, that Quantum Source can be the team to get us there. Oded and this exceptional team of scientists and proven entrepreneurs are addressing crucial hurdles in photonic quantum–scalability and fault tolerance. Once those challenges are solved, the innovation upside will be boundless.”
About the company
Oded Melamed, Gil Semo, Prof. Barak Dayan and Dan Charash launched the company in 2021. The company develops breakthrough technology to enable a commercially viable photonic quantum computer with millions of qubits.
Quantum Source utilizes a unique approach for generating photons and quantum gates. The approach is five orders of magnitude more efficient as compared to the state-of-the-art implementation.
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