The European Innovation Council has granted Israeli quantum computing startup Quantum Transistors around 68.7 million NIS. The funding came from a €2.5 million initial grant from the EIC Accelerator and a €15 million future equity investment made possible by the EIC Fund.
Among the 68 businesses chosen for funding from 969 applications, this was the highest investment. The company plans to utilise the money to grow its staff and R&D.
In contrast to conventional bits, which can only represent 0 or 1, quantum computing makes use of quantum bits, or qubits, which can concurrently represent 0 and 1. Due to this, quantum computers are able to process nearly an endless number of possibilities simultaneously and carry out computations that are not feasible for conventional computers.
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This makes them an effective tool for resolving challenging issues in a variety of fields, including investing, weather modelling, drug development, and cryptography.
“This investment is not just about financial support but is a resounding validation of our vision and technology. We are leveraging the trillions invested in the semiconductor industry over the past four decades to build a scalable quantum technology, so that society can finally benefit from its immense potential,” said Shmuel Bachinsky, CEO and Co-founder of Quantum Transistors. “We are trying to do for quantum computing what Intel’s 8086 did for classical computing – make it more accessible to everyone. This funding will help us bring the same accessibility to quantum computing. We are thrilled and thankful that the EIC is playing such an active role in supporting our journey.”
Although $55 billion has been invested internationally in quantum computing, despite the technology’s potential, it is now neither feasible nor accessible. In order to overcome these obstacles, quantum transistors have created a single device that has an integrated universal quantum processor.
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The business uses native photonics, which eliminates proximity-induced inter-qubit noise by connecting each qubit photonically. This makes it possible to deploy in conventional data centres and increases processing power. According to the corporation, this will cut expenses and do away with the requirement for big mainframes.
Startups and SMEs receive grants up to €2.5 million (9.8 million NIS) and equity investments up to €15 million (59 million NIS) from the EIC Accelerator. The EU Horizon Europe program launched the EIC in 2021 with a €10.1 billion budget to promote innovations from early-stage research to scaling. Over 12,000 startups have applied. Quantum Transistors is based in Tel Aviv, Israel.
About Quantum Transistors
Quantum chip maker creating a solid-state CPU. They want quantum computing in data centres and enterprise servers not mainframes.
