Quantum Machines Secures $170M in Series C Funding Boost

Quantum Machines, an Israeli quantum computing startup, has raised $170 million in its Series C funding round. This significant round was led by PSG Equity, with participation from Intel Capital, Red Dot Capital Partners, and existing investors. Quantum Machines, co-founded by Dr. Itamar Sivan, Dr. Yonatan Cohen, and Dr. Nissim Ofek, develops quantum control solutions used by over half of the quantum computing companies globally. The startup's clientele includes large corporations, startups, national labs, and universities. Its hardware assists partners like Nvidia in reducing errors in quantum computing research. The successful funding round comes amid a burgeoning interest in quantum computing despite past skepticism. The company has previously raised around $93 million with backing from investors like Valor Equity Partners and Qualcomm Ventures. Although the valuation was not disclosed, it was confirmed that this round brought a significant increase in value. This fundraising comes at a time when other startups in the quantum computing field have also attracted substantial investments, pointing towards a renewed optimism regarding the development and eventual utility of quantum computing technologies.