BlackRock, Microsoft, Temasek and other investors have chipped in some US$450 million into PsiQuantum, which aims build what it claims to be the world’s first commercially viable quantum computer.
With this latest Series D funding, PsiQuantum has raised a total of US$665 million to date.
Quantum computing, simply put, has more computing muscle and is put to intensive use to calculate knotty issues in climate, energy, healthcare and so on.
Unlike other quantum computing efforts, PsiQuantum is exclusively focused on building a fault-tolerant quantum computer supported by a scalable and proven manufacturing process.
The company, founded in 2016, has developed a unique technology in which single photons (particles of light) are manipulated using photonic circuits which are patterned onto a silicon chip using standard semiconductor manufacturing processes.
PsiQuantum, with the help of GlobalFoundries, is manufacturing quantum photonic chips, as well as the cryogenic electronic chips to control the qubits.
“A commercially viable, general-purpose quantum computer has the potential to create entirely new industries ready to address some the most urgent challenges we face, especially in climate, healthcare, and energy,” says Tony Kim, managing director at BlackRock.
“To see this promising technology deployed within a reasonable time frame requires it to be built using a scalable manufacturing process. Silicon photonics combined with an advanced quantum architecture is the most promising approach we’ve seen to date,” he adds.
“Investing is about backing companies with the potential to deliver transformational growth,” says Luke Ward, investment manager at Baillie Gifford.
“With its uniquely scalable approach, PsiQuantum is on track to deliver the world’s first useful quantum computer and unlock a powerful new era of innovation in the process,” he adds.
Photo by david latorre romero on Unsplash
