- Quantum Source announced it has raised a $12 million seed expansion investment round led by Dell Technologies Capital with participation from 10D.
- The increase also includes existing investors Eclipse VC, Grove Ventures and Pitago.
- Funds will be used to expand the research and development team as the company scales to achieve significant technical and performance milestones.
PRESS RELEASE — Quantum Source, an Israel-based company that develops the technology needed to bring photonic quantum computers to market, today announced it has raised a $12 million seed expansion investment round led by Dell Technologies Capital with participation from 10D and other investors. there’s already Eclipse VC, Grove Ventures, and Pitago. This extension brings the total Quantum Source seed round to $27 million, one of the largest seed financing totals in the Quantum Computing space.
This additional $12 million financing round will be used to expand the research and development team as the company scales to achieve significant technical and performance milestones.
Founded in 2021 by a team of semiconductor industry veterans and accomplished physicists, Quantum Source is developing technologies to enable the efficient implementation of large-scale, fault-tolerant photonic quantum computers. Until now, companies have built tiny quantum computers with only tens or hundreds of qubits. Although this rudimentary quantum computer is a truly innovative technology, the system is not yet commercially viable.
Quantum Source aims to build fault-tolerant quantum systems that scale to millions of qubits and which will have the potential to unleash dramatic acceleration in various advanced fields including drug design, materials development, cybersecurity, and processing of large data sets for AI applications.
“We founded Quantum Source with the belief that photonic quantum technology is the best route to achieving fault-tolerant large-scale quantum computers. Our unique approach will dramatically increase the scalability of such machines and will be key to the commercial success of quantum computers,” said Oded Melamed, co-founder and CEO of Quantum Source. “Having investors like Dell Technologies Capital believe in us will allow us to accelerate our work and by extension, the entire industry.”
Quantum Source is led by four co-founders: CEO Oded Melamed; VP R&D, Gil Semo; Chief Scientist Prof. Dayan Barracks; and Chairman Dan Charash. Senior leadership has successfully founded, scaled, and deep-sold technical companies to Apple, Broadcom, and Sony. With more than 170 articles published between them, the broader team includes 18 PhDs in physics or electrical engineering from leading universities including Caltech, Columbia University, MIT, Weismann Institute of Science, and Yale University.
“DTC invests in technology that can move the industry forward. We believe quantum computing has this potential and, as our first investment in this area, Quantum Source can be the team to take us there,” said Omri Green, partner at Dell Technologies Capital. “Oded and this extraordinary team of scientists and entrepreneurs tackle a critical hurdle in quantum photonics – scalability and fault tolerance. Once those challenges are resolved, upside-down innovation will be limitless.”
Photonic quantum computing is a type of quantum computing that uses photons as representations of qubits. Quantum Source uses a unique approach to generating photons and quantum gates that are five times more efficient than state-of-the-art applications.
About Quantum Source
Quantum Source (QS), located in Rehovot Israel, is developing breakthrough technology to enable commercially viable photonic quantum computers with millions of qubits. The company was founded in 2021. For more information, please visit: http://www.qs-labs.com/
About Dell Technologies Capital
DTC supports determined early-stage founders who drive technology innovation for companies, connecting them with the capital, expertise, and customers they need to take companies from start-up to scale. Since its founding in 2012, DTC has supported more than 145 startups including Arista Networks, Cylance, DocuSign, Graphcore, JFrog, MongoDB, Netskope, Nutanix, Nuvia, Redis, Xometry, and Zscaler. DTC has offices in Palo Alto (HQ), Boston, and Israel. For more information, visit www.delltechnologiescapital.com