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

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Flag of Israel

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

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.

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

 

 

Matt Swayne

Matt Swayne

Matt Swayne is a contributor at The Quantum Insider. He focuses on breaking news about quantum discoveries and quantum computing.

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