Israeli quantum computing company Quantum Transistors has secured up to €17.5 million ($19 million USD) from the European Innovation Council (EIC), marking the largest investment among 68 selected companies out of 969 applications. The funding includes a €2.5 million ($2.72 million USD) grant from the EIC Accelerator and a future equity investment of €15 million ($16.28 million USD) through the EIC Fund. This financial boost will enable Quantum Transistors to scale up its R&D efforts and expand its team. Quantum Transistors aims to make quantum computing more accessible by developing an integrated universal quantum processor on a single chip. Their approach leverages native photonics to connect each qubit, reducing inter-qubit noise and enhancing computational power, allowing for deployment in standard data centers and reducing costs.
Additional information is available in an article posted on the Ctech website here.
July 25, 2024