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Quantum Machines continues to grow despite economic uncertainty • TechCrunch

Conventional wisdom suggests a Series B company should now hide, cut costs, weather the storm, but Israeli startup Quantum machines defies this approach as it continues to grow despite the economic uncertainty prevailing around the world.

The company announced that it has been awarded an additional $20 million on top of the $50 million Series B originally announced in September 2021. While co-founder and CEO Itamar Sivan wasn’t ready to give details on growth metrics, he suggested that unlike a lot of other startups in 2022, his company will hit its growth and revenue targets.

“It’s funny, I met with one of our investors a few days ago and they said our company might be the only company they’ve met recently that’s on track for 2022,” Sivans told TechCrunch. The company actually doubled its revenue last year and is expected to do so again in 2023. While he wouldn’t share an exact number, he indicated it reached at least $10 million last year. “I can’t talk to sales or anything like that, but I can say it’s double digit in millions of dollars. So it still leaves a wide range between 10 and 99,” he said

While customers may be cutting corners on certain technology, Sivans sees quantum research at a critical time and believes that’s why his company is adding customers. That means external economic conditions have little impact on his startup, especially as countries around the world compete for positions around building quantum computers.

“I believe quantum computing is a safer field to be in this environment in this regard because countries can’t afford to lose this race. So if a country slows down a few years [because of economic concerns]…this could be an irreversible process,” he said.

Due to the sensitive nature of quantum computing research, Sivans can’t name any of his clients directly, but he did say the company now has 280 clients in government, universities and businesses in 20 countries around the world. The company lists testimonials from several institutions on its website, including Harvard University, Weizmann Institute of Science, Seoul National University, ENS Lyon, USC, and CEA Saclay, and it’s probably safe to guess that these are customer testimonials.

It also made its first acquisition last year when it acquired QDevil, a Danish company that has been building tooling to help control parts of the quantum process. The new company must fit well with the existing Quantum Machines platform. As a result, the company has been split into two divisions: Quantum Control and Quantum Electronics.

As we wrote at the time of the $50 million funding, the original platform looks at the role of classical computers in the quantum process:

As Sivan explains, the classical computer has a software and hardware layer, but quantum machines have three layers: “The quantum hardware, which is the heart, and on top of that you have classical hardware […] and then you have software,” he said.

“We focus on the last two layers. So classic hardware and the software that powers it. The heart of our hardware is now in fact a classic processor. So I think this is one of the most interesting parts of the quantum stack,” he explained.

The startup, which had 60 employees when we spoke in September 2021, has now grown to more than 140 and continues to hire.

The $20 million investment infusion, which closed late last year, came from a variety of unnamed institutional investors, along with existing investors Qualcomm Ventures, Red Dot Capital Partners, Samsung NEXT, Meron Capital and Alumni Ventures. The company has now raised $100 million.

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