Quantum computing remains the holy grail in the world of technology. But thanks to several important breakthroughs over the past few months, investors are betting on promising startups in this space to make the concept of ultra-efficient, particle-based computing a reality .
Currently, Quantum Machines, an Israeli startup that provides quantum control solutions to others on the field, has raised $170 million.
Leading by PSG Equity with participation from Intel Capital, Red Dot Capital Partners and existing investors, this fully-paid Series C round is one of the largest funding rounds ever raised by quantum computing companies.
One reason for the size of the round is because of the startup’s business funnel. Quantum Machines technology is used by more than half of all companies in the world working on quantum computers and quantum computing, according to Dr. Itamar Sivan, CEO who co-founded the company with Dr. Yonatan Cohen of CTY. Chief Engineer Dr. Nissim Ofek.
“We serve all categories in this field,” he said in an interview, “large companies, startups build quantum computers, national labs and universities around the world.” .
Quantum Machines hardware may be best known for traction with customers and partners like Nvidia who want to reduce errors in their own quantum computing research. This is an important role in the wider ecosystem as researchers approach the construction of functional, ultra-fast quantum computers that do not kill at high failure rates.
Sivan refused to name these specific customers, but the list of tech companies supporting startups might be a good tip. However, he said that hundreds of clients include banks and other companies that are not the owner or developer of the quantum computer itself, but also conducting research on third-party machines in the cloud. We also paid attention to using quantum machines to maintain that work. Tracking.
Although Shebang did not disclose his startup rating, he confirmed it was raised in a “significant uplift” compared to the previous round. In some more contexts, when we and others first heard about the round earlier this year, its value was fixed at $100 million.
Prior to this round, the company had raised about $93 million per crunch-based data. Valor Equity Partners, Alumni Ventures, Battery Ventures, Samsung Next, and Qualcomm Ventures are among their backers.
Quantum Computing launched a cold wind blast in January when Nvidia CEO Jensen Huang made public predictions that technology would be “decades away” because it remains useful (his Despite working with company Quantum Machines, Google, etc.). This was a statement that overturned quantum inventory and overall outlook.
But since then, we have seen some positive developments that could pave the way for another timeline. Google CEO Sundar Pichai announced a quantum chip called Willow in December, but earlier this month, the realistic time frame for “useful” quantum computers is five to ten years away. I’ve said that.
Microsoft followed last week by unveiling its own quantum processor, built using what is called a “new state of matter,” called the Majorana particles. The company said it had promising for an architectural processor that includes 1 million qubits.
Some people have questioned Microsoft’s claims because of lack of evidence, but it is an important development that highlights the work that is still being done.
Meanwhile, many startups are posing large rounds. These include Frenchman Alice & Bob raising $104 million and Google-backed Quera raising $230 million in debt rounds.
There remains a question mark on the best approach to space. For example, some people are building along several different theoretical trajectories regarding how to build a processor and the best approach to dealing with errors. But, as Shivan points out, this is what makes quantum machines effective. Bypassing these questions will position you as an agnostic to all of those approaches and as a mediator for reducing noise, figuratively and literally.
This is one of the reasons the startups have attracted investment, according to PSG director Rotem Shacham.
“The pace of quantum computing technical breakthroughs has increased significantly over the past few years,” she said in an interview. “We’re approaching end-user values. We don’t like to invest decades apart. But with quantum machines, the market is already there.”