Major Funding Boost for Photonic Quantum Transistors: €17.5m Granted

Quantum Transistors, a pioneering tech company based in Israel, has recently announced a significant milestone in its journey towards revolutionizing quantum computing. The company successfully raised €17.5 million in funding, with a notable €2.5 million grant coming from the prestigious European EIC accelerator program.

This substantial investment marks a major achievement for Quantum Transistors, as it stands out as the largest funding secured by any of the 68 companies in the latest EIC accelerator funding round. The company has outlined its plans to utilize this financial boost to accelerate its research and development efforts and to further expand its talented team. At the core of its innovative work is the development of an integrated universal quantum processor designed to operate on a single chip using cutting-edge photonics technology.

Shmuel Bachinsky, the CEO and Co-founder of Quantum Transistors, expressed his enthusiasm about the recent investment, emphasizing that it signifies more than just financial backing. He stated, “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.”

The company's ambitious goal is to democratize quantum computing and make it more accessible to a wider audience, akin to what Intel's 8086 did for classical computing. By leveraging native photonics technology, Quantum Transistors aims to create a quantum computing system where each qubit is photonically connected, thereby reducing inter-qubit noise and enhancing computational power. This approach not only boosts performance but also enables deployment in standard data centers, leading to cost savings and eliminating the need for massive mainframes.

The EIC Accelerator, known for its support of start-ups and SMEs, provides grants of up to €2.5 million and equity investments ranging from €0.5 to €15 million. This funding mechanism plays a crucial role in fostering innovation and driving technological advancements across various sectors. In parallel, the European Prize for Women Innovators has been launched, further encouraging diversity and inclusion in the innovation ecosystem.