Quantum Machines raises $170M to accelerate adoption of quantum computing

Quantum Machines has raised $170 million in funding to accelerate adoption of quantum computing and improve its advanced quantum control solutions.

The third round of funding brings the company’s capital raised to date to $280 million. The investment comes as the majority of quantum computing companies now rely on QM’s technology to build and scale their systems.

The oversubscribed round was led by PSG Equity with participation from Intel Capital, Red Dot Capital Partners and existing investors. It marks one of the largest rounds of funding in the quantum industry.

2024 has marked a watershed moment in quantum computing, with breakthrough achievements across the industry laying down fundamental building blocks: Google’s Willow chip demonstrated a strong performance enhancement at the hardware level, multiple companies joined IBM in surpassing 1,000 qubits, and researchers, led by Google’s groundbreaking demonstration, made great strides in quantum error correction implementation.

Amid this wave of innovation, Quantum Machines said it is at the forefront of enabling many of the industry’s most significant advancements and will leverage this funding to help drive the development of quantum computers with tens of thousands of qubits.

“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 Itamar Sivan, CEO of Quantum Machines, in a statement. “Significant adoption of quantum computers is around the corner. Quantum is one of the biggest, most important technological races of our generation. It’s a no-lose game, and we are deeply honored to work with the leaders in this field, delivering the core infrastructure to make this possible.”

Quantum Machines’ hybrid control technology enables seamless execution of some of the most demanding computational requirements across all types of quantum computers. This versatility has driven its rapid adoption by a majority of quantum computing companies worldwide. Quantum Machines’ collaboration on NVIDIA DGX Quantum, combining accelerated computing with real-time quantum control, further shortens the timeline from breakthrough to practical quantum computers.

“Turning a quantum processor into a functional quantum computer is an immense technical challenge,” said Yonatan Cohen, CTO of Quantum Machines, in a statement. “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.”

“The quantum computing industry is reaching an inflection point,” said Rotem Shacham, director at PSG Equity, in a statement. “We believe that QM has established itself as the ‘go-to’ solution that leading quantum companies rely on to build and scale quantum computers. As the quantum computing market continues to grow at an accelerated pace this decade, QM’s leading market position and ability to work with multiple quantum technologies uniquely position them to expand their leadership. We are excited to lead this funding round and back QM in its next stage of growth.”

“This significant investment is a testament to the strength of our business model and growth trajectory,” said Nir Ackerman, CFO at Quantum Machines, in a statement. “With this funding, we believe that we are well-positioned to accelerate our expansion, drive innovation, and create long-term value for our stakeholders. We are excited to build on this momentum and execute on our vision with the support of our investors.”

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