Quantum Source, an Israel-based quantum computing startup, has come out of stealth mode with a $15 million Seed funding round co-led by Grove Ventures, Pitango First and Eclipse Ventures.
The company, set up by Oded Melamed, Gil Semo, Dan Charash, and Professor Barak Dayan — a Senior Scientist and founder and head of the Quantum Optics lab at the Weizmann Institute of Science — intends to enable the scaling quantum computers to millions of qubits with its proprietary photonic technology. Currently, the company employs twenty-five physicists and engineers, fifteen of whom hold Ph.D. degrees.
“The difference between small quantum computers that are developed today, with tens or hundreds of qubits, and building efficient, large-scale quantum computers with millions of qubits is huge,” said Oded Melamed, Quantum Source’s CEO and one of four Co-Founder. “The photonic quantum technology that Quantum Source is developing will enable a dramatic leap forward and the realization of quantum computer systems with millions of qubits. These new full-scale quantum computers will have a significant impact on many industries, solving previously computationally impossible problems in multiple sectors, such as drug and material development, finance, and cybersecurity.”
Like many companies in the quantum computing field, Quantum Source claims its Photonic quantum computing approach is the “only way to deliver useful quantum computers”. There are several companies working on this approach globally. There is ORCA Computing in the UK, Xanadu in Canada and PsiQuantum in the USA to name a few (see our quantum data platform for a full list). Quantum Source will be the first funded Israeli company working on the qubit modality, which is touted to offer an alternative route to useful quantum computers.
Quantum Source claim their approach is differentiated through their method of entangling photons, one of the key challenges to creating useful qubits. We understand they are planning to develop chips that can be manufactured without specialist facilities and do not need to operate with any cooling – a prerequisite for many other qubit modalities.
The business’ vision is to build quantum computers that can scale to millions of qubits, an amount that many in the industry see as a prerequisite for significant applications such as better drug discovery.
About Quantum Source
Quantum Source (QS) is located in Rehovot, Israel, and is developing breakthrough technology to enable a commercially viable photonic quantum computer with millions of qubits. The company was established in 2021. For more information, please visit: http://www.qs-labs.com/
About Pitango
Pitango is home to visionary entrepreneurs and groundbreaking companies from stealth mode to shining unicorns. With more than $3 billion raised to date, Pitango invests in founding teams who are early to board the next tech revolutions, via three dedicated funds: Pitango First, Pitango Growth and Pitango HealthTech. Since its inception in 1993, Pitango has invested in over 250 companies and saw more than 85 become publicly traded companies, or acquired by strategic players. For more information visit www.pitango.com
About Grove Ventures
Grove Ventures is an early-stage venture capital investment firm which partners early with exceptional Israeli entrepreneurs who believe that the Deep Future is now and are ready to build it. Founded in 2016, Grove invests in leading startups developing hard-to-replicate solutions at the intersection of technology, science, and applicable market needs. Grove’s team, built of experienced investors, veteran entrepreneurs, and company builders, provides startups with the needed support to become great companies. The fund’s core principles are putting people first, close cooperation and value-creation. For more information, visit www.grovevc.com
About Eclipse Ventures
With over $2 billion in assets under management, 70 portfolio companies, and a team of investors with deep expertise in technology, manufacturing, supply chain, logistics, healthcare and consumer products, Eclipse is one of the US’ leading venture capital organizations. Its leadership team has the experience and deep expertise necessary to create and scale complex operations — with partners coming from industry giants, such as Flextronics, Tesla, Apple, Samsara, Intel and GE. Eclipse partners with entrepreneurs boldly transforming the essential industries that define and propel economies. For more information, visit www.eclipse.vc.
For more market insights, check out our latest quantum computing news here.
