Within Israel’s thriving tech ecosystem, the quantum computing industry is gaining significance in the world market, according to a recent report from Startup Nation Central.
The report notes that the quantum computing sector in Israel is small — about 20 companies as of August 2024 — compared to global leaders such as the United States and China, but is “rapidly growing, supported by its innovative technology sector and dynamic startup culture.”
Below we will highlight a few of these innovative companies, but first…
Time out: what’s quantum computing?
If I really wanted to, I could write a whole book explaining how quantum computing works. Luckily for both of us, I don’t want to (at all), so here’s a very simple idea of how it works.
Traditional computers use bits — 0s and 1s — to store and process data. Think of those bits as coins: they’re either heads or tails.
Quantum computers use quantum bits, or qubits, which can exist in multiple states simultaneously due to a property called superposition. Think of those qubits as coins that have been flipped into the air — in a way, they’re both heads and tails at the same time, until they land on the table (read: they’re in superposition until observed).
Smart people have managed to develop quantum computers that use those qubits to perform certain calculations way faster than traditional computers, especially for problems involving large datasets or complex simulations.
Now remember: that’s a dumbed down version, but it should be good enough for us laypeople to make it through to the end of a listicle about cool companies.
Agreed? Great, then let’s get into it.
1. Quantum Machines
Founded in 2018, Quantum Machines specializes in “quantum control,” a field that focuses on getting quantum technology to do what we want it to (which is somewhat difficult, as you may imagine).
Its “Quantum Orchestration Platform” lets users scale up their computing in fields like cryptography and machine learning by keeping all of quantum computing’s weird and wacky processes in line.
2. Classiq Technologies
Classiq, established in 2020, is developing a platform that simplifies the creation of quantum algorithms (much like this article aims to simplify quantum computing concepts, but they’re likely more successful).
Its technology lets developers design, analyze and optimize quantum circuits at a higher level, making quantum computing more accessible for solving real-world problems in areas like optimization, finance and drug discovery for the pharma industry.
Those of us who aren’t Einsteins – I’m talking about myself here – don’t totally get what “quantum computing” is. And that’s okay.
For the foreseeable future, most of us will keep using classic computers that calculate in binary bits (either zeroes or ones) rather than graduating to quantum computers that calculate in qubits (any combination of zeroes and ones simultaneously).
3. Quantum Source Labs
Founded in 2021, Quantum Source Labs is an R&D company focused on creating scalable quantum processors and quantum algorithms.
By giving companies easier access to useful quantum solutions, the company aims to accelerate the transition to quantum-powered computation in a variety of industries, like material science and artificial intelligence.
4. Quantum Art
The youngest company on this list, Quantum Art was founded in 2022, and develops ion trap quantum computers.
Traditionally, qubits are made out of a lot of very different, very small things, like light particles, electrons, or even the defects in diamond crystals. Companies like Quantum Art are working on ways to use superfrozen ions — tiny charged atoms — as qubits.
The goal is to push ion trap quantum computing to be way faster and more efficient than other methods.
Israeli resilience
Whether or not the things that they do can be easily explained over Shabbat dinner, many of the companies in Israel’s quantum sector have huge potential, as shown by their resilience in what has been a fairly turbulent market.
Despite a downturn in general private funding after 2021, the quantum computing industry has held strong. According to Startup Nation Central’s report, “by the end of July 2024, the total funding for quantum companies reached $32 million, nearly matching the total funding for the entire year of 2023. This indicates a potential strong rebound in quantum investments in 2024.”
The report pinpoints five key strengths underlying Israel’s growing quantum and cryptography ecosystem: cybersecurity expertise; strong academic and research institutions; military-driven innovation; government support and funding; and startup ecosystem and global collaboration.
As the field continues to develop, Israeli companies will find opportunities to branch out and collaborate with international companies finding quantum solutions for areas like AI, pharmaceutical R&D, weather modeling — hmm, maybe quantum computing could even help engineer a better falafel. Though I seriously doubt that; we’ve pretty much got that one in the bag.
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