Quantum Transistors Secures $19M Grant to Advance Quantum Computing Technology on Chip

Quantum Transistors Secures $19 Million from European Innovation Council

Tel Aviv, Israel – Quantum Transistors, a cutting-edge developer of advanced quantum processors, has been awarded up to $19 million (€17.5 million) by the European Innovation Council (EIC).

The funding package includes an initial grant of $2.7 million from the EIC Accelerator, paired with a future equity investment of $16.3 million via the EIC Fund. This investment marks the largest allocation in this EIC funding round and reinforces Quantum Transistors' commitment to making quantum computing both scalable and accessible. Out of 969 companies that submitted proposals, Quantum Transistors was selected among just 68 for funding.

The investment will fuel the company's R&D efforts and facilitate team expansion.

“This investment is not just financial support; it's a vital validation of our vision and technology,” stated Shmuel Bachinsky, CEO of Quantum Transistors. “By leveraging the trillions invested in the semiconductor industry over the past four decades, we aim to create a scalable quantum technology that benefits society. We aspire to make quantum computing as accessible as Intel’s 8086 did for classical computing. This funding will help realize that vision, and we are grateful to the EIC for their support.”

Quantum computing utilizes quantum bits (qubits) capable of representing both 0 and 1 simultaneously. This unique trait allows quantum computers to process vast amounts of information concurrently, making it feasible to tackle complex calculations beyond the reach of classical computers.

As a result, quantum chips stand to revolutionize fields such as cryptography, cybersecurity, drug discovery, investment strategies, weather modeling, and aeronautics. Despite the global investment of $55 billion in quantum computing, its potential remains unrealized, primarily due to the complex and costly infrastructure requirements. Current methods involving photons, semiconductors, and atoms struggle with energy demands and a limited number of qubits, keeping them financially prohibitive.

Quantum Transistors aims to overcome these obstacles by developing an integrated universal quantum processor on a single chip. A key component of their innovative approach is native photonics, which connects each qubit through photons, minimizing inter-qubit noise caused by proximity. This advancement not only boosts computational power but also allows deployment in standard data centers, significantly reducing costs while eliminating the need for bulky mainframes.

The EIC Accelerator is designed to support start-ups and SMEs with grants up to $2.71 million and equity investments ranging from $540,000 to over $16.28 million, totaling approximately $445.9 million in funding. This initiative includes up to $179 million in grants and an estimated $265.8 million in equity. Additionally, the EIC provides Business Acceleration Services, offering access to expertise, networks, and investors. Since its inception in 2021 under the EU Horizon Europe programme, the EIC has received over 12,000 applications, working with a budget of $10.96 billion dedicated to fostering innovation from early research through scaling.