Quantum Machines, creator of the Quantum Orchestration Platform, has announced that it has secured $50 million in Series B funding to expand its growth into quantum cloud computing and drive its worldwide distribution. The latest round was led by Red Dot Capital Partners with the participation of Exor, Claridge Israel, Samsung NEXT, Valor Equity Partners, Atreides Management LP, and joined by TLV Partners, Battery Ventures, 2i Ventures, an affiliate of Altshuler Shaham as well as other existing investors. Yaniv Stern, Managing Partner at Red Dot Capital Partners, will join Quantum Machines’ board of directors.
“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,” said Dr. Itamar Sivan, CEO of Quantum Machines. “Given that we work with so many of the global leaders in the field, we are in an incredible position to make this happen sooner than ever believed possible. Our latest funding represents the largest ever investment in a non-full-stack quantum startup and is a major step forward towards implementing an effective cloud infrastructure for quantum computers.”
“Despite the unprecedented challenges the world faced in 2020, we’ve had a year of remarkable achievements,” said Dr. Yonatan Cohen, co-founder, and CTO of Quantum Machines. “Quantum technology development is rapidly accelerating, and researchers require tools that can push their capabilities to the next level. Quantum Machines is focused on solving a critical bottleneck with quantum research and development, providing the best infrastructure capable of the most advanced algorithms and scaling at the rate of development.”
QM intends to utilize the funding round to grow the robust QOP, further the adoption of QUA, and release technologies in the coming year. Additionally, the company plans to open offices in new countries to help grow the size of the team and target talented quantum developers around the globe.
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