Tue Sep 10 17:10:25 UTC 2024: ## Quantum Source Labs Raises $50 Million to Develop Scalable Quantum Computing Solutions
**Tel Aviv, Israel** – Quantum Source Labs Ltd., a Tel Aviv-based startup specializing in quantum computing, has announced a $50 million Series A funding round led by Eclipse, with participation from Standard Investments, Level VC, Canon Equity, and existing investors Pitango First, Grove Ventures, 10D, and Dell Technologies Capital. This brings the company’s total funding to over $77 million.
Quantum Source aims to develop cost-effective, practical quantum computing solutions at scale, unlocking the commercial potential of this groundbreaking technology. The company’s approach utilizes photonic quantum computing, leveraging single atoms on a photonic chip to generate qubits. This method offers significantly improved efficiency compared to other approaches, making its solution more scalable, compact, and controllable.
“Our game-changing approach, which combines photonic and atomic qubits, will propel quantum computing further toward commercialization,” stated Oded Melamed, CEO of Quantum Source. “By making large-scale, fault-tolerant quantum computers available at a practical cost, we are paving the way for corporations to harness the power of this transformative technology.”
The funding will be used to bolster Quantum Source’s engineering capabilities and accelerate the commercialization of its quantum solutions. The company, which employs a team of 45, more than half holding PhDs, is uniquely positioned to innovate in the field of photonic computing and build a superior fault-tolerant quantum computing platform.
“Quantum Source is at the forefront of this revolution and I believe they will be the team to unlock the promise of quantum computing to transform critical industries,” said Naftali Bennett, a former Israeli Prime Minister and board member of Quantum Source.
The company’s focus on cost-effective, scalable solutions holds significant promise for unlocking the commercial potential of quantum computing across various industries, including drug design, material development, cybersecurity, and logistics.
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