Quantum Machines (QM) has secured $170 million in Series C funding, bringing its total raised to $280 million. Over half of quantum computing companies now utilize its technology. The round was led by PSG Equity, alongside Intel Capital and Red Dot Capital Partners, marking a substantial investment in the quantum sector.
QM plans to leverage this funding to advance systems capable of handling tens of thousands of qubits, solidifying its role as a pivotal player in the industry’s growth.
Series C Funding Announcement
Quantum Machines (QM) has secured $170 million in Series C funding, bringing its total raised to $280 million. This round was led by PSG Equity and included investments from Intel Capital, Red Dot Capital Partners, and existing backers, marking a significant milestone in the quantum industry.
The funding underscores QM’s pivotal role as a leading provider of quantum control solutions. Over 50% of companies developing quantum computers now rely on QM’s technology, highlighting its critical importance in advancing the field.
With this new capital, QM aims to accelerate the development of quantum systems capable of handling tens of thousands of qubits, a crucial step toward achieving practical quantum computing applications.
Dr. Itamar Sivan, QM’s CEO, emphasized the transformative potential of their work, noting that significant adoption of quantum computers is nearing and that QM is at the forefront of enabling this future.
Rotem Shacham from PSG Equity highlighted QM’s established position as a go-to solution for leading quantum companies, underscoring its strategic importance in the rapidly evolving industry.
Industry Advancements in 2024
2024 marked a pivotal year for quantum computing, with significant strides across the industry laying the groundwork for future advancements. Google’s Willow chip demonstrated notable performance enhancements at the hardware level, while multiple companies joined IBM in surpassing the milestone of 1,000 qubits. These achievements were complemented by progress in quantum error correction, a critical area for realizing practical quantum computing applications.
Quantum Machines (QM) played a central role in these advancements, leveraging its expertise in quantum control solutions to drive innovation. The company’s hybrid control technology enabled seamless execution across various quantum processors, contributing to the rapid adoption of QM’s platform by over 50% of quantum computing companies. This widespread reliance underscores QM’s critical role in advancing the field.
Collaborations like QM’s work with NVIDIA on DGX Quantum further highlighted its impact. This partnership accelerated the development of practical quantum systems by integrating accelerated computing with real-time quantum control, demonstrating how industry collaborations can amplify progress.
Dr. Yonatan Cohen emphasized the technical challenges addressed by QM’s platform, noting its ability to support any type of quantum processor and empower scaling efforts. Rotem Shacham from PSG Equity echoed this sentiment, highlighting QM’s established position as a go-to solution for leading quantum companies, underscoring its strategic importance in the rapidly evolving industry.
The hybrid control technology’s ability to integrate with various quantum processors underscores its versatility and adaptability. This capability has contributed significantly to its widespread adoption by over 50% of quantum computing companies, solidifying its position as a critical enabler of progress. Collaborations, such as the work with NVIDIA on DGX Quantum, further demonstrate how industry partnerships can amplify advancements in practical quantum systems.
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