The funding round was led by BlackRock with participation from Baillie Gifford and M12 (Microsoft’s venture fund), Blackbird Ventures and Temasek.
PsiQuantum has now raised a total of $665 million in funding to date.
PsiQuantum was founded in 2016 on the belief that a useful quantum computer required fault-tolerance and error correction, and therefore at least 1 million physical qubits.
The company is working on the entire quantum computing stack, from the photonic and electronic chips, through packaging and control electronics, cryogenic systems, quantum architecture and fault tolerance, to quantum applications.
In May 2020, the company started manufacturing the silicon photonic and electronic chips that form the foundation of the Q1 system, a significant system milestone in PsiQuantum’s roadmap to deliver a fault-tolerant quantum computer.
Quantum computing is anticipated to unlock the solutions to otherwise impossible problems, enabling extraordinary advances across a broad range of applications including climate, energy, healthcare, finance, agriculture, transportation, materials design, and more.
“It is my conviction that the way to bring this technology into reality is by using photonics,” says CEO and founder Jeremy O’Brien, “our company was founded on the understanding that leveraging Semiconductor manufacturing is the only way to deliver the million qubits that are known to be required for error correction, a prerequisite for commercially valuable quantum computing applications. This funding round is a major vote of confidence for that approach.”
Unlike other quantum computing efforts, PsiQuantum is exclusively focused on building a fault-tolerant quantumcomputer supported by a scalable and proven manufacturing process.
The company 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 is manufacturing quantum photonic chips, as well as the cryogenic electronic chips to control the qubits, using the advanced semiconductor tools in the production line of PsiQuantum’s manufacturing partner GlobalFoundries.
PsiQuantum is currently working with global leaders in the healthcare, materials, electronics, financial, security, transportation, and energy sectors to identify and optimize algorithms and applications to support business readiness for the broad adoption of quantum computing. To learn more about PsiQuantum’s technology, visit www.psiquantum.com.