An Israeli startup has secured $26m in series A funding to build what it claims is the world’s first one million qubit quantum computer contained within a single cryostat.

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Cryostats act as refridgerators designed to keep quantum processors cold enough to function properly. However, space in these freezers is limited due to the amount of cabling involved – and the more qubits involved, the more cables are required. 

According to QuamCore, its proprietary architecture reduces the amount of cabling required to the extent that it will enable one million qubits to fit inside a single cryostat. Most quantum computers contain around 1,500 qubits

It is hoped that this will enable more scalability for quantum computing developers.

The technology could play a pivotal role in IT security among other things and is of major interest to banks and toher financial services firms. 

Research carried out in March found that nearly 80% of 50 major banks are now engaging with quantum technology while McKinsey has forecast that by 2035, quantum computing use cases in finance could create $622 billion in value.

The funding round which brings the QuamCore’s total capital raising to $35m was led by Sentinel Global with backing from existing investors such as Viola Ventures and Quantum Leap and a $4m 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,” said Alon Cohen, CEO of QuamCore. “This funding allows us to accelerate both chip production and prototype integration. The quantum industry is maturing – and with our approach, superconducting qubits will remain in the lead.”

His statement was supported by one of the firm’s financial backers, Nir Arkin, CEO of Arkln Capital. “Quantum computing is now governed by scaling limits, not qubit fidelity. By embedding ultra‑low‑power superconducting control logic inside the cryostat, QuamCore removes the thermal bottleneck that throttles today’s systems and charts a credible path to a single‑cryostat, million‑qubit machine. That density will rewrite quantum economics and unlock markets we expect to be worth trillions of dollars.”