Israel Invests $32 Million (US) More Into Quantum Technology

Flag of Israel
Flag of Israel

Israel will add another 115 million skekels — or about $32 million US — for a new quantum computing consortium made up of defense companies and startups, according to the Jewish News Service, or JNS.

The consortium will focus on two quantum modalities specifically — superconducting and trapped ion — to determine which modality will better suit practical computing. The Israel Innovation Authority will serve as the funding source for the project.

According to JNS, this type of consortium encourages collaborations between academia and the private sector to find new solutions in a given area, in this case, quantum. After members submit an objective and working plan, the Israel Innovation Authority will fund 65% of its budget, in line with developmental milestones.

The Israel Innovation Authority is an independent publicly funded agency that provides practical tools and funding platforms to address the needs of local and international innovation ecosystems. The authority focuses on six primary innovation divisions: Startup Division, Growth Division, Technological Infrastructure, International Collaboration, Advanced Manufacturing and Societal Challenges.

The service reports that this funding represents another round in an aggressive series of investments in the technology. In 2019, Israel started a national quantum development program with $340 million US budget. The program was designed to promote human capital and knowledge in this field. In the summer of 2022, the country invested about $28 million US  to set up the first Israeli quantum computer, a project being led by the Quantum Machines.

Responsive Image

The country wants to create an Israeli-based quantum computer in three years, the JNS reports.

If you found this article to be informative, you can explore more current quantum news here, exclusives, interviews, and podcasts.

 

Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

Share this article:

Relevant

Keep track of everything going on in the Quantum Technology Market.

In one place.

Related Articles

Explore our intelligence solutions

Join Our Newsletter