Samsung Next, a corporate venturing arm of electronics manufacturer Samsung, took part in a $50m series B round for Quantum Machines, an Israel-based quantum computing technology developer, yesterday.
Red Dot Capital Partners led the round, which also featured Claridge Israel, Valor Equity Partners, Atreides Management, Exor, TLV Partners, Battery Ventures, 2i Ventures and unnamed existing backers.
Founded in 2018, Quantum Machines develops quantum-compatible hardware and software with a view to help bring about useful quantum computers. It came out of stealth in January 2020 with its Quantum Orchestration Platform, a hardware and software platform to control quantum systems.
In June 2020 it also launched QUA, what it calls the first standard universal language for quantum computers.
The company raised $17.5m in a series A round co-led by insurance group Harel and entrepreneur Avigdor Willenz, with participation from TLV Partners and Battery Ventures. TLV Partners had led the $5.5m seed round in November 2018, in which Battery Ventures also invested.
Itamar Sivan, chief executive of Quantum Machines, said: “Quantum processors hold the potential for immense computational power, far beyond those of any classical processor we could ever develop, and they will impact each and every aspect of our lives.
“Given that we work with so many of the global leaders in the field, we are in an incredible position to make this happen sooner than ever believed possible. Our latest funding represents the largest ever investment in a non-full-stack quantum startup and is a major step forward towards implementing an effective cloud infrastructure for quantum computers.”
