Quantum Source, an Israel-based company developing technology for powerful, cost-effective, and practical photonic quantum computers, announced it has raised a $50 million Series A investment round led by Eclipse. Standard Investments, Level VC, Canon Equity, and existing investors Pitango First, Grove Ventures, 10D, and Dell Technologies Capital participated in the round.
This brings the company’s total funding raised to over $77 million. And the funding will be used to enhance engineering capabilities and accelerate the commercialization of quantum solutions.
Quantum computing is a major shift in computing with the potential to dramatically accelerate technological advancements in drug design, material development, cybersecurity, and more. Large-scale and fault-tolerant quantum computers, with millions of qubits, are critical to unlocking quantum computing’s potential but have yet to reach commercial viability. Photonic quantum computing technology offers the best route to commercialization. But the biggest obstacle has been the massive inefficiency in creating entangled photonic states, a challenge that Quantum Source addresses.
Quantum Source was launched 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. And the team has taken a novel approach that utilizes single atoms trapped on a proprietary photonic chip to allow deterministic photon generation and entanglement. This results in four orders of magnitude better efficiency than other implementations, making the Quantum Source system substantially more scalable, compact, and simpler to control.
With 45 employees, over half holding PhDs, Quantum Source is uniquely positioned to accelerate growth and innovation in the photonic computing industry. Last year, the company announced a $12 million seed extension led by Dell Technologies Capital and welcomed Former Israeli Prime Minister Naftali Bennett to its Board of Directors, offering extensive tech leadership experience that is instrumental in driving Quantum Source’s mission.
KEY QUOTES:
“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. 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.”
-Oded Melamed, Co-Founder and CEO of Quantum Source
“Eclipse’s investment in Quantum Source underscores our commitment to a future where quantum computing transforms what’s possible. 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.”
-Seth Winterroth, Partner at Eclipse
“Public, private and government sectors have made significant investments into the quantum industry, underscoring the impact quantum computing can have on shaping our future. 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.”
-Former Israeli Prime Minister and Quantum Source Board Member, Naftali Bennett
