TEL AVIV, Israel-(BUSINESS WIRE)-Quantum Source (QS), an Israel-based quantum computing company will come out in stealth mode with a $ 15 million seed funding round led by Grove Ventures, Pitango First, and Eclipse Ventures.
The company was founded by three series of entrepreneurs and a Professor from the Weizmann Institute of Science: Oded Melamed, CEO, who is the co-founder and CEO of Altair Semiconductor acquired by Sony; Gil Semo, VP R&D, who was one of the founding team of Anobit Technologies acquired by Apple, who later became Apple’s Director of Platform Architecture in Israel; Dan Charash, Chairman, who is the co-founder and CEO of Provigent acquired by Broadcom; and Prof. Barak Dayan, Senior Scientist and founder and head of the Quantum Optics lab at the Weizmann Institute of Science. The company employs twenty-five physicists and engineers, fifteen of whom have PhD degrees.
The quantum computer is a new type of computer with great processing power capable of solving problems that are not possible with classical computers, such as factoring large integers and simulations of complex molecules. .
The worldwide effort to develop a commercially viable quantum computer has gained tremendous momentum in recent years. Most research groups and companies active in the field such as Google, IBM, IonQ, and Rigetti rely on object-based technologies, eg superconducting qubit (a basic unit of quantum information) or those that trap ion, and built quantum computers with small numbers. of qubits (ten or hundreds of qubits). To solve commercially important problems, a quantum computer with millions of qubits is required.
The vision of Quantum Source is to enable quantum computers to scale to millions of qubits using photonic technology. Large photonic quantum computers are expected to spur a revolution across industries. These quantum computers will accelerate, for example, the development of new medicines, shorten the time that pharma companies can introduce new medicines to the market, and support physicians with care. optimize treatment for complex diseases.
Oded Melamed, CEO and Co-Founder, Quantum Source: “The difference between the small quantum computers that are being developed today, with tens or hundreds of qubits, and the construction of efficient, large quantum computers with millions of qubits is enormous. The photonic quantum technology developed by Quantum Source could make a dramatic leap forward and the fulfillment of the quantum computer system with millions of qubits. These new full-scale quantum computers have a huge impact on many industries, solving problems that were impossible to calculate previously in many sectors, such as drug and material advances, finance, and cybersecurity.
About Quantum Source
Quantum Source (QS) is located in Rehovot, Israel, and is developing advanced technology to make a commercially viable photonic quantum computer with millions of qubits. The company was founded in 2021. For more information, please visit: http://www.qs-labs.com/
Pitango is home to visionary entrepreneurs and ground breaking companies from stealth mode to shining unicorns. With more than $ 3 billion raised to date, Pitango has invested in founding teams early to embark on the next tech revolutions, through three dedicated funds: Pitango First, Pitango Growth and Pitango HealthTech. Since its inception in 1993, Pitango has invested in more than 250 companies and has seen more than 85 become publicly sold 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 that early partnered with unique Israeli entrepreneurs who believe the Deep Future is now and is ready to build it. Founded in 2016, Grove invests in leading startups developing hard -to -copy solutions at the intersection of technology, science, and usable market needs. Grove’s group, made up of experienced investors, veteran entrepreneurs, and company founders, provides startups with the support they need to become great companies. The core principles of the fund are people first, close cooperation and value creation. For more information, visit www.grovevc.com
About Eclipse Ventures
With more than $ 2 billion in assets under management, 70 portfolio companies, and a group of investors with deep expertise in technology, manufacturing, supply chain, logistics, healthcare and products to the consumer, Eclipse is one of the leading business capital organizations in the U.S.. Its leadership team has the experience and deep expertise needed to create and measure complex operations – with partners from industry giants, such as Flextronics, Tesla, Apple, Samsara, Intel and GE. Eclipse partners with entrepreneurs who are boldly transforming the key industries that define and drive economies. For more information, visit www.eclipse.vc.