Quantum Transistors of Tel Aviv has been awarded up to €17.5 million by the European Innovation Council (EIC). The company 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.
The company will use the investment to scale-up its R&D and expand its growing team.
Quantum Transistors is 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 EU Horizon Europe programme, the EIC has a €10.1 billion budget to support innovations from early-stage research to scaling.
