TEL AVIV, July 1, 2022 — Quantum Source (QS), an Israel-based quantum computing company is coming out of stealth mode with a $15 million seed funding round co-led by Grove Ventures, Pitango First, and Eclipse Ventures.
The company was founded by three serial entrepreneurs and a Professor from the Weizmann Institute of Science: Oded Melamed, CEO, who was the co-founder and CEO of Altair Semiconductor acquired by Sony; Gil Semo, VP R&D, who was among the founding team of Anobit Technologies acquired by Apple, who later became the Director of Platform Architecture at Apple in Israel; Dan Charash, Chairman, who was the co-founder and CEO of Provigent acquired by Broadcom; and Prof. Barak Dayan, Senior Scientist and founder and head of the Quantum Optics lab at the Weizmann Institute of Science. The company employs twenty-five physicists and engineers, fifteen of whom hold PhD degrees.
A quantum computer is a new type of computer with enormous processing power that will be able to solve problems that classical computers cannot, like factoring of large integers and simulations of complex molecules.
The global effort to develop a commercially viable quantum computer has gained significant momentum in recent years. Most research groups and companies active in the field such as Google, IBM, IonQ, and Rigetti rely on matter-based technologies, e.g. superconducting qubit (a basic unit of quantum information) or trapped ions, and have built quantum computers with a small number of qubits (tens or hundreds of qubits). In order to solve commercially valuable problems, a quantum computer with millions of qubits is required.
Quantum Source’s vision is to enable scaling quantum computers to millions of qubits with its breakthrough photonic technology. Large-scale photonic quantum computers are expected to instigate a revolution in entire industries. These quantum computers will accelerate, for instance, the development of new drugs, shorten the time pharma companies can introduce new medicines to the market, and support physicians with treatment optimization for complex diseases.
Oded Melamed, CEO and Co-Founder, Quantum Source: “The difference between small quantum computers that are developed today, with tens or hundreds of qubits, and building efficient, large-scale quantum computers with millions of qubits is huge. The photonic quantum technology that Quantum Source is developing will enable a dramatic leap forward and the realization of quantum computer systems with millions of qubits. These new full-scale quantum computers will have a significant impact on many industries, solving previously computationally impossible problems in multiple sectors, such as drug and material development, finance, and cybersecurity.”
About Quantum Source
Quantum Source (QS) is located in Rehovot, Israel, and is developing breakthrough technology to enable a commercially viable photonic quantum computer with millions of qubits. The company was established in 2021. For more information, please visit: http://www.qs-labs.com.
Pitango is home to visionary entrepreneurs and ground breaking companies from stealth mode to shining unicorns. With more than $3 billion raised to date, Pitango invests in founding teams who are early to board the next tech revolutions, via three dedicated funds: Pitango First, Pitango Growth and Pitango HealthTech. Since inception in 1993, Pitango has invested in over 250 companies and saw more than 85 become publicly traded companies, or acquired by strategic players. For more information visit www.pitango.com.
About Grove Ventures
Grove Ventures is an early-stage venture capital investment firm which partners early with exceptional Israeli entrepreneurs who believe that the Deep Future is now and are ready to build it. Founded in 2016, Grove invests in leading startups developing hard-to-replicate solutions at the intersection of technology, science, and applicable market needs. Grove’s team, built of experienced investors, veteran entrepreneurs, and company builders, provides startups with the needed support to become great companies. The fund’s core principles are putting people first, close cooperation and value-creation. For more information, visit www.grovevc.com.
About Eclipse Ventures
With over $2 billion in assets under management, 70 portfolio companies, and a team of investors with deep expertise in technology, manufacturing, supply chain, logistics, healthcare and consumer products, Eclipse is one of the US’ leading venture capital organizations. Its leadership team has the experience and deep expertise necessary to create and scale complex operations – with partners coming from industry giants, such as Flextronics, Tesla, Apple, Samsara, Intel and GE. Eclipse partners with entrepreneurs boldly transforming the essential industries that define and propel economies. For more information, visit www.eclipse.vc.
Source: Quantum Source