The Israeli Innovation Authority (IIA) is investing 115 million New Israeli Shekels (some US$340 million) in quantum computing research. The funding will reach a consortium consisting of five Israeli companies (IAI Group's Elta Systems division, Quantum Art, Classiq, Qedma, and Rafael Advanced Defence Systems) and five academic groups (Hebrew University of Jerusalem, Weizmann Institute of Science,  Bar-Ilan University, Technion -Israel Institute of Technology, and Soroka Medical Center).

The three-year programme will pursue the development of two different quantum processors, one based on superconducting technology and the other based on trapped ions technology.

The Israel Innovation Authority is an independent publicly funded agency that provides practical tools and funding platforms to address the needs of local and international innovation ecosystems.