Quantum Machines Adds $20 Million in Funding, Brings Total to $100 Million

Quantum Machines
Quantum Machines

Quantum Machines Adds $20 Million in Funding, Brings Total to $100 Million

Insider Brief

  • Quantum Machines announced that it has raised another $20 million in funding, bringing the company’s total funding to $100 million.
  • The Israel-based company also announced its solutions are being used in more than 280 quantum computing facilities worldwide.
  • Those customers include cloud providers, research labs, national centers, and high-performance computing (HPC) centers.

PRESS RELEASE — Quantum Machines, the provider of breakthrough quantum control solutions that accelerate the realization of practical quantum computers, announced today that its customer base has grown sharply over the past year, reaching more than 280 quantum computing facilities worldwide. Additionally, the company announced that it has raised another $20 million in funding, bringing the company’s total funding to $100M. The round included participation from new and existing investors.

The quantum computing industry continues to make steady progress, bolstered by the exponential growth in public and private investment, which reached $35.5 billion by 2022 according to the World Economic Forum. While there are still open questions as to the architecture of future quantum computers, we are edging closer to the realization of practical quantum computing use cases.

Quantum Machines is uniquely positioned in the quantum computing space, with advanced quantum control technology that will be at the core of future quantum data centers yet provides tangible value today. The company’s solution can control a wide range of qubit types, and customers typically see a more than 100x speedup of quantum workloads when integrating it with their existing hardware.

This has led to the widespread adoption of Quantum Machines’ technology, which is now used by over 280 customers in 23 countries, powering a large portion of the quantum computers operated by cloud providers, research labs, national centers, and high-performance computing (HPC) centers.

“Businesses and governments around the world see the disruptive potential of quantum computers,” said Itamar Sivan, co-founder and CEO of Quantum Machines. “They are investing heavily today to position their organizations and countries at the forefront of the quantum computing revolution. Their mindset is clear — losing is not an option. Quantum Machines’ solution helps them get more out of their quantum investment today, while our scalable and flexible architecture ensures their quantum infrastructure is future-proof and will be compatible with the quantum technologies of tomorrow.”

Quantum Machines had a breakout year in 2022, reaching a number of significant milestones, including:

  • Experiencing a rapid growth in customers to more than 280 worldwide
  • Featured in 30 Quantum Computing research papers
  • Grew its team to over 140 globally
  • Additionally, the company announced a number of significant achievements during the course of 2022, including:
  • Chosen to lead the establishment of the Israel Quantum Computing Center in conjunction with a consortium of international companies. The center will be the first in the world to house multiple types of quantum processing unit systems under one roof.
  • Acquired Danish quantum computing firm QDevil, whose products and expertise complement Quantum Machines’ quantum control hardware and software, enabling the company to offer a complete solution from gate-level to qubit.
  • Partnership with Toyota Tsusho to offer Japanese customers access to advanced quantum control solutions.
  • Partnership with leading European universities, research institutions, and companies on the €5m EuRyQa project to advance Neutral Atom quantum computing.
  • Released new Pulse Processing Unit (PPU) Hadamard. The unit sits at the heart of the firm’s OPX hardware and enables the orchestration of advanced quantum computing algorithms and quantum error correction in real-time.
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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