Quantum Machines (QM), a key provider of quantum control solutions, has raised $170 million in a Series C funding round, bringing its total funding to $280 million. The round, one of the largest in the quantum computing sector, was led by PSG Equity, with participation from Intel Capital, Red Dot Capital Partners, and existing investors.
The investment reflects growing confidence in QM’s technology, as the majority of companies developing quantum computers rely on its solutions to scale their systems. The funding is set to accelerate innovation in an industry on the verge of significant breakthroughs.
2024 has been a transformative year for quantum computing, with multiple advancements shaping the industry’s future. Google’s Willow chip showcased enhanced hardware performance, IBM and others surpassed the 1,000-qubit threshold, and researchers made strides in quantum error correction. These developments are pushing the field closer to practical quantum applications.
"The quantum computing ecosystem has opened up and there are now hundreds of teams worldwide advancing the bleeding edge in parallel, with breakthroughs emerging at an unprecedented pace," said Dr. Itamar Sivan, co-founder and CEO of Quantum Machines. "Significant adoption of quantum computers is around the corner. Quantum is one of the biggest, most important technological races of our generation."
With this funding, QM aims to expand its technology infrastructure and drive the development of quantum computers capable of handling tens of thousands of qubits. The company’s hybrid control platform allows quantum systems to process massive amounts of data and orchestrate complex computations in real time.
"Turning a quantum processor into a functional quantum computer is an immense technical challenge," said Dr. Yonatan Cohen, co-founder and CTO of Quantum Machines. "You need to precisely control the quantum system, process huge amounts of data in real time, and orchestrate complex algorithms across quantum and classical processors. Our platform uniquely integrates all these capabilities, enabling teams to rapidly go from innovations in their laboratories to deployment in data centers."
Founded in 2018 by Dr. Itamar Sivan, Dr. Yonatan Cohen, and Dr. Nissim Ofek, Quantum Machines has established itself as a leader in the quantum computing space. The company’s quantum orchestration platform allows developers to execute some of the most demanding computational processes across all types of quantum computers.
Its collaboration with NVIDIA DGX Quantum, which merges accelerated computing with real-time quantum control, has helped shorten the gap between research breakthroughs and real-world applications. This adaptability has made QM the preferred choice for a majority of quantum computing firms worldwide.
"The quantum computing industry is reaching an inflection point," said Rotem Shacham, Director at PSG Equity. "We believe that QM has established itself as the 'go-to' solution that leading quantum companies rely on to build and scale quantum computers."
Intel Capital, Red Dot Capital Partners, and existing investors have also reaffirmed their commitment to QM’s long-term vision. As the quantum computing market continues to expand, QM is well-positioned to scale its solutions and strengthen its market leadership.
"This significant investment is a testament to the strength of our business model and growth trajectory," said Nir Ackerman, CFO at Quantum Machines. "With this funding, we believe that we are well-positioned to accelerate our expansion, drive innovation, and create long-term value for our stakeholders."
