Quantum Machines, a quantum computing startup recently announced that they raised $50 million in a Series B round of financial support led by Red Dot Capital Partners as per atomicosawersventurebeat. Along with this, the funding had the participation of Samsung Next, Valor Equity Partners, Exor, Battery Ventures, Claridge Israel, TLV Partners, Atreides Management LP, and 2i Ventures, and many others.
The company was founded in the capital city of Tel Aviv in 2018 and provides Quantum Computing. It recently launched its Quantum Orchestration Platform, an extensive hardware and software platform that performs very complex quantum algorithms and experiments. The advanced technology is effortlessly taking quantum computing to the next level by making it practical and effective.
As the name may suggest, the concept is based on the principle of quantum mechanics and is concerned with quantum bits rather than atoms. Quantum Machines promise to revolutionize computation by performing complex calculations in seconds. The company is also focusing on developing a new approach aimed at controlling processors.
Dr. Itamar Sivan, the CEO of Quantum Machines, said in a press release that quantum processor holds the potential for immense computational power that can impact every aspect of our life. The latest raise hints at quantum computing gaining momentum in years to come. The company had earlier raised $23 million, including a $17.5 million Series A funding a couple of years ago.
The company plans on using the fresh capital to implement an effective cloud infrastructure for quantum computers. The future of quantum computing may revolutionize computation by performing complex calculations in a split second that would otherwise require a supercomputer. This development can have severe societal and business implications. It can help expedite drug discoveries and global logistics a notch up in the shipping industry and even reduce footprints.