Tel Aviv, 24, 2024 -- Quantum Transistors, a pioneer in advanced quantum processor development, has been awarded up to €17.5 million by the European Innovation Council (EIC). Quantum Transistors received an initial grant from the EIC Accelerator of €2.5 million combined with a future equity investment of €15 million through the EIC Fund.

This substantial investment, the largest in the latestEIC accelerator funding round, underscores Quantum Transistor’s commitment to making quantum computing scalable and accessible. Out of 969 companies that submitted full proposals, Quantum Transistors stood out among 68 others selected for funding. The company will use the investment to scale-up its R&D and expand its growing 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.”

Quantum computing uses quantum bits (qubits) that can represent both 0 and 1 simultaneously, unlike traditional bits which have a value of either 0 or 1. This allows quantum computers to process an almost infinite amount of possibilities at once and perform calculations that are infeasible for classical computers. As a result, they are an exceptionally powerful tool for solving complex problems in areas as diverse as cryptography, cybersecurity, and drug discovery, as well as investments, weather modeling and aeronautics. Yet despite this immense potential, and $55 billion invested in quantum computing globally to-date, it is not yet an accessible or practical tool. Current approaches using photons, semiconductors, and atoms all face similar challenges: they require massive, energy-intensive infrastructure and are limited in the number of qubits they can deliver, making them exceptionally expensive and restrictive.

Quantum Transistors is addressing these challenges by developing an integrated universal quantum processor on a single chip. Native photonics is a crucial aspect of the company’s approach, as each qubit is photonically connected, eliminating inter-qubit noise caused by proximity. This not only enhances computational power, but also allows for deployment in standard data centers – significantly reducing costs and eliminating the need for massive mainframes.

The EIC Accelerator supports start-ups and SMEs with grants up to €2.5 million and equity investments from €0.5 to €15 million or more, totaling an estimated €411 million in funding. This includes up to €165 million in grants and an estimated €245 million in equity. The EIC also offers Business Acceleration Services, providing access to expertise, networks, and investors. Since its launch in 2021, over 12,000 start-ups have applied. Established under the EUHorizon Europe programme, the EIC has a €10.1 billion budget to support innovations from early-stage research to scaling.