Jul 28, 2024 | Posted by Abdul-Rahman Oladimeji
Israeli quantum computing startup Quantum Transistors has secured funding of up to €17.5 million ($19 million) from the European Innovation Commission. The council selected 68 companies that will receive an estimated €411 million ($446.1m) in funding, of which up to €165 million ($179m) is in grants and an estimated €245 million ($266m) is in equity.
“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 of Quantum Transistors, in a statement.
“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.”
