Quantum Source, an Israeli startup developing technologies for practical photonic quantum computers, announced today that it has raised $50 million in a Series A funding round. It took place with the participation of Eclipse, Standard Investments, Level VC, Canon Equity, as well as existing investors Pitango First, Grove Ventures, 10D and Dell Technologies Capital. This brings the total raised by Quantum Source to $77 million.
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The company said the capital will be used to “expand the R&D team and achieve significant technology goals that will enable the efficient use of quantum computers with millions of qubits.”
Quantum Source was founded in 2021 by semiconductor industry veterans and serial entrepreneurs CEO Oded Melamed and chairman Dan Charash, who previously sold the chip company to Broadcom for $300 million. Other co-founders are former Apple CEO Gil Semo and Professor Barak Dayan. According to IVC, the company currently has 44 employees.
Last May, the company, a relatively anonymous startup, made headlines when former prime minister Naftali Bennett joined its board of directors. At the time, the Globe reported that Bennett met with several startups before deciding to merge Quantum Source after a two-hour meeting.
Globes, Israel business news – en.globes.co.il – published on September 10, 2024.
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