Israel’s Quantum Transistors receives €17.5M from the European Innovation Council for its quantum computing solution
Israel’s Quantum Transistors receives €17.5M from the European Innovation Council for its quantum computing solution
It marks the largest investment among 68 companies selected for funding out of 969 applications.
Israeli quantum computing company Quantum Transistors has been awarded up to €17.5 million (68.7 million NIS) by the European Innovation Council (EIC). The finances were received via an initial grant from the EIC Accelerator of €2.5 million combined with a future equity investment of €15 million through the EIC Fund. The investment was the largest among the 68 companies selected for funding out of 969 applications and will be used to scale up its R&D and expand its team.
"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.”
Unlike traditional bits that have values of either 0 or 1, quantum computing uses quantum bits, known as qubits, that represent both 0 and 1 simultaneously. This allows quantum computers to process an almost infinite amount of possibilities at once and perform calculations that are impossible for classical computers. This makes them a powerful tool for solving complex problems in various areas like cryptography, cybersecurity, and drug discovery, as well as investments, weather modeling, or aeronautics.
Despite $55 billion invested in quantum computing globally and the potential of the technology, it is not yet accessible or practical. Quantum Transistors addresses these challenges by developing an integrated universal quantum processor on a single chip. A company’s approach includes native photonics, each qubit is photonically connected, eliminating inter-qubit noise caused by proximity. This enhances computational power and allows for deployment in standard data centers. The company claims this will reduce costs and eliminate the need for large mainframes.
The EIC Accelerator supports startups and SMEs with grants up to €2.5 million (9.8 million NIS) and equity investments from €0.5 to €15 million (59 million NIS) or more. Since its launch in 2021 under the EU Horizon Europe program, the EIC has a €10.1 billion budget to support innovations from early-stage research to scaling. To date, more than 12,000 startups have applied. Quantum Transistors is headquartered in Tel Aviv, Israel.
