An Israeli startup has secured $26 million in Series A funding to develop what it claims is the world’s first quantum computer with one million qubits housed within a single cryostat.
Cryostats serve as refrigerators designed to maintain quantum processors at low temperatures necessary for their operation. However, space in these units is limited due to the extensive cabling required; increasing the number of qubits necessitates more cables.
QuamCore asserts that its innovative architecture significantly reduces the cabling needs, allowing for one million qubits to fit into a single cryostat. In comparison, most current quantum computers contain around 1,500 qubits.
This advancement is expected to enhance scalability for quantum computing developers, with potential applications in IT security that are particularly appealing to banks and financial institutions. Research conducted in March revealed that nearly 80% of 50 major banks are now engaging with quantum technology, while McKinsey forecasts that by 2035, quantum computing applications in finance could generate $622 billion in value.
The latest funding round, which elevates QuamCore’s total capital raised to $35 million, was led by Sentinel Global, with contributions from existing investors such as Viola Ventures and Quantum Leap, along with a $4 million grant from the Israel Innovation Authority.
“From day one, we focused on the minimum viable system to unlock real-world quantum advantage – and that number is 1 million qubits,” stated Alon Cohen, CEO of QuamCore. “This funding enables us to accelerate both chip production and prototype integration. The quantum industry is maturing, and with our approach, superconducting qubits will remain at the forefront.”
Nir Arkin, CEO of Arkln Capital and one of QuamCore’s financial backers, supported this perspective: “Quantum computing is now subject to scaling limits rather than qubit fidelity. By embedding ultra-low-power superconducting control logic within the cryostat, QuamCore eliminates the thermal bottleneck that constrains current systems, setting a credible path to a single-cryostat, million-qubit machine. This density will transform quantum economics and open markets projected to be worth trillions of dollars.”