Israeli quantum computing startup Quantum Transistors has secured funding from the European Commission.
As reported by VentureBeat, the Tel Aviv-based firm was awarded up to €17.5 million ($19 million) by the European Innovation Council (EIC).
The European Innovation Council (EIC) selected 68 companies for funding, combining grants and equity. The selected companies will receive an estimated €411 million ($446.1m) in funding, of which up to €165 million ($179m) is in grants and an estimated €245 million ($266m) is in equity.
The Accelerator offers start-ups and SMEs grants of up to €2.5 million ($2.7m) combined with equity investments through the EIC Fund ranging from €500,000 ($542,810) to €15 million ($16.3m) or more. The EIC said 969 companies applied, and 347 were interviewed as part of the process. The next cut-off for EIC Accelerator full proposals is scheduled for 3 October 2024.
Quantum Transistors aims to build a 1-million-qubit system using photonics. The company is developing an integrated quantum processor unit, and the company says its initial device will only need to be cooled to 77 Kelvin, avoiding the need for larger refrigeration systems. It aims to eventually operate its quantum chips at room temperature.
The company received an initial grant from the EIC Accelerator of $2.7 million combined with a future equity investment of $16.3 million through the EIC Fund.
“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 of Quantum Transistors, in a statement. “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.”
Other quantum computing recipients include Dutch photonics startup QuiX Quantum, French memory firm Welinq, and German cryo measurements firm Kiutra.
Quix said the funding will enhance the company's ability to scale its operations, develop new technologies, and attract further investments.
"We are honored to be chosen for the blended financing of the EIC Accelerator program which can be up to €17.5 million ($19m) in combined grant and equity," said Kathy Willing, CFO of QuiX Quantum. "This funding will accelerate our research and development, bringing us closer to realizing the full potential of photonic quantum computing."
Beyond quantum, fusion startups Marvel Fusion and Proxmia Fusion gained funding, as well as IoT startup Last Mile Semiconductor, memory firm RAAAM Memory, electronics manufacturing firms Reophotonics and FononTech, battery firm Blixt Tech, heat pump maker Ecop, space startups Spherical Systems and Deployables Cubed, long-duration energy firms Build to Zero and Ore Energy, direct air capture company Phlair (previously Carbon Atlantis), ceramic data center storage company Cerabyte, and optical computer firm LightSolver.
