On September 10, the Israel-based photonic quantum computer technology company Quantum Source announced that it has raised a $50 million Series A investment round, bringing the company’s total funding raised to over $77 million.
According to Quantum Source, the capital will go towards enhancing the company’s engineering capabilities and accelerating the commercialization of its quantum solutions as it addresses inefficiencies in creating entangled photonic states, which it says has been the biggest obstacle to commercializing quantum computing.
Oded Melamed, co-founder and CEO of Quantum Source, said the company’s approach will make large-scale, fault-tolerant quantum computers available to corporations at a practical cost.
“This round is a vote of confidence in our approach to making scalable, useful quantum computing a reality and a testament to the broader opportunity in quantum computing,” said Melamed in a press release.
Quantum Source reports the investment round was led by Eclipse and included Standard Investments, Level VC, Canon Equity, and existing investors Pitango First, Grove Ventures, 10D, and Dell Technologies Capital.
