Quantum Machines, an Israeli Startup, Raises $50 Million

By Bruce Harpham Sunday, September 12, 2021

Quantum Machines, a quantum computing startup company in Tel Aviv, has raised $50 million in Series B funding. Red Dot Capital Partners led the funding round.

Quantum Machines co-founders Dr. Itamar Sivan, Dr. Yonatan Cohen, and Dr. Nissim Ofek.

Investors in Quantum Machines

Established in 2018, the startup business has a growing list of venture capital investors. The company’s Series B investors include Exor, Valor Equity Partners, Samsung NEXT, Atreides Management, and Battery Ventures. Samsung NEXT is a venture capital division of Samsung that has invested in blockchain, fintech, and infrastructure companies. 

Yaniv Stern, the managing partner at Red Dot Capital Partners, will join Quantum Machines's board of directors. In total, investors have provided $73 million in business funding to the startup company. Stern also serves on the board of directors for Armis Security, CTERA Networks, Codefresh, and Puls. 

The startup business plans to expand its research capabilities significantly. Quantum Machines plans to hire engineers and physicists in Canada, France, Germany, and the United States (US). 

"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," stated Itamar Sivan, CEO of Quantum Machines.

Quantum Technology Strategy

The quantum computing startup has focused on creating tools for researchers and infrastructure purposes. For example, Quantum Machines has released QUA, a universal language for quantum computers that may improve collaboration. Furthermore, the startup company has launched the Quantum Orchestration Platform (QOP). The company strategy to focus on creating tools is different from other quantum computing firms. Google, IBM, and other companies are focused on creating quantum hardware.

While Quantum Machines stands out for its software, it has one hardware product. The Operator-X (OPX) device is a modular system. Researchers and business customers can buy a single device or connect multiple OPX together.

Most Innovative Company

In March 2021, Fast Company named Quantum Machines to its list of the World’s Most Innovative Companies for 2021. Fast Company points out that the lack of a universal programming language like C++ or Java for quantum has slowed business growth for quantum technology. Quantum Machines has made progress in solving this problem with its QUA language for quantum computing. This programming language reduces the need for coding so that developers can boost their efficiency.

Quantum Machines was not the only company to be recognized for innovation in quantum computing. Fast Company also highlighted Honeywell for its quantum solutions. In June 2021, Honeywell announced it will invest between $270 million and $300 million into quantum computing. Honeywell estimates that the quantum computing business will be worth $1 trillion in a decade. IBM has also invested $300 million in quantum computing research in the United Kingdom (UK).

Quantum Machines Leadership

The startup company is led by a team of technologists with advanced expertise. Dr. Itamar Sivan, co-founder and CEO, holds a Ph.D. from the Weizmann Institute of Science in Israel. Dr. Yonatan Cohen, co-founder and CTO, also earned his doctorate degrees from the Weizmann Institute and has published articles on quantum electronics. In contrast to the other founders, Co-founder and Chief Engineer Dr. Nissim Ofek has different expertise. In addition to holding a Ph.D., Ofek has more than ten years of business experience at Google, IBM, and other organizations.

About the Author

Headshot of Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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