Quantum Source – an Israel-based company that is developing the technology needed to bring photonic quantum computers to market – announced it has raised a $12 million seed extension investment round led by Dell Technologies Capital with participation from 10D as well as existing investors Eclipse VC, Grove Ventures, and Pitango First. This extension brings Quantum Source’s seed round total to $27 million, which is one of the largest total seed financings in the field of Quantum Computing.
Launched in 2021 by a team of semiconductor industry veterans and accomplished physicists, Quantum Source is developing technology to enable the efficient implementation of large-scale, fault-tolerant, photonic quantum computers. And to date, companies have built small quantum computers with just tens or hundreds of qubits. While these rudimentary quantum computers are groundbreaking, the systems are not yet commercially viable.
Quantum Source has a goal of building fault-tolerant quantum systems that scale to millions of qubits and that will have the potential to unleash dramatic acceleration in numerous cutting-edge fields that include drug design, material development, cybersecurity, and the processing of large datasets for AI applications.
Quantum Source was led by 4 co-founders: CEO Oded Melamed; VP of R&D, Gil Semo; Chief Scientist Prof. Barak Dayan; and Chairman Dan Charash. And the senior leadership has successfully co-founded, scaled, and sold deeply technical companies to Apple, Broadcom, and Sony. With over 170 articles published among them, the broader team is composed of 18 PhDs in either physics or electrical engineering from esteemed universities including Caltech, Columbia University, MIT, Weismann Institute of Science, and Yale University.
What the funding will be used for: This additional $12 million funding will be used to expand the research and development team as the company scales to reach significant technical and performance milestones.
KEY QUOTES:
“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 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.”
– Oded Melamed, co-founder and CEO of Quantum Source
“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.”
– Omri Green, partner at Dell Technologies Capital
