Quantum Source, a startup developing technology for practical photonic quantum computers, has raised $50 million in a Series A funding round. The funding round was led by Eclipse with participation from Standard Investments, Level VC, Canon Equity and existing investors Pitango First, Grove Ventures, 10D and Dell Technologies Capital. The round brings Quantum Source’s total capitalization to $77 million.
Quantum Source was founded in 2021 by semiconductor industry veterans and serial entrepreneurs Oded Melamed (CEO), Gil Semo (VP R&D), Dan Charash (CEO), and Prof. Barak Dayan (Chief Scientist). Quantum optics.
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Quantum Source’s (from left) Don Sarash, President, Odette Melamet, CEO, Gil Semo, VP R&D, Shlomit Semel, VP HR, Prof. Barak Dayan, Chief Scientist.
(Rami Sarnekar)
Quantum computing is a fundamental paradigm shift in computing that has the potential to dramatically accelerate technological advances in drug design, material development, cybersecurity, and more. Large-scale, fault-tolerant quantum computers with millions of qubits are critical to unlocking the potential of quantum computing, but have yet to achieve commercial viability. Quantum Source has taken a novel approach that allows for deterministic photon generation and entanglement of single atoms trapped on a proprietary photonic chip. According to the company, this results in four orders of magnitude better performance compared to other implementations.
Quantum Source currently employs 45 people at Ness Siona Science Park, more than half with PhDs in physics, mathematics or electronic engineering. All six professors support the Institute’s work on an ad hoc basis. Last year, the company announced a $12M seed round led by Dell Technologies Capital, bringing the total to $27M, and welcomed former Israeli Prime Minister Naftali Bennett to its board of directors.
In an interview with Calcalist, Melamed noted, “Recruiting is very challenging for us because we need to find candidates with the right educational background and skills. This latest funding will allow us to continue building a solid foundation. We aim to position Israel on the global quantum computing map.”
Melamed explained that Quantum Source’s approach differs from other quantum computing companies. “We are focused on a photonic approach that offers a unique way to build quantum computers at a significantly lower cost. Our goal is to build a large-scale quantum computer based on our technology by the end of the decade,” he said. However, he cautioned that this is not an overnight process. “We’re conducting extensive testing and hitting important milestones, but there’s still a lot of work to be done in terms of optimization and miniaturization.”
Quantum photonic computing has recently gained attention due to two major deals: the Australian government committed about $620 million to implement a photonic quantum computer, and the state of Illinois in the US announced a similar investment of $500 million.
Although a very promising path, current photonic quantum technologies face challenges, including the inefficiency of generating individual photons and weaving them together. A photonic quantum computer with a million qubits would require space the size of a football field and consume as much energy as a small city. The technology of the quantum source directly addresses these challenges.
“The recent wave of government investments that have poured hundreds of millions of dollars into the development of photonic quantum computers is a recognition of the potential and promise of this technology,” Bennett said. “The quantum source solution plays a decisive role in this revolution. I am proud to be a part of this exciting journey.”
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