PsiQuantum secures $1 billion in Series E funding to accelerate quantum computers

PsiQuantum announced today that it has raised $1 billion through a Series E funding round to accelerate the development of quantum computers, increasing the company’s valuation to around $7 billion.

Blackrock, Temasek, and Baillie Gifford led the latest funding round. New investors included Macquarie Capital, Ribbit Capital, NVentures, Adage Capital Management, Qatar Investment Authority (QIA), Type One Ventures, Counterpoint Global, 1789 Capital, and S Ventures (SentinelOne). Existing investors participating in the round included Blackbird, Third Point Ventures, and T. Rowe Price Associates, Inc.

Series E funding to build quantum sites in Brisbane and Chicago

According to PsiQuantum’s press release, Series E funding is intended to support growth into utility-scale quantum computing. The capital will be used to start constructing the Brisbane and Chicago sites. The funding will also aid the development of large-scale prototype systems, allowing the firm to validate large system architecture and integration. The company stated that it will also advance the performance of PsiQuantum’s silicon photonic quantum chips and fault-tolerant chips.

PsiQuantum was introduced on the theory that commercially viable quantum computers rely on error correction and entail millions of quantum qubits. The firm has relied on developing high-volume semiconductors combined with photonic qubits to manufacture fault-tolerant quantum computers. 

The quantum computing firm also develops the cooling, networking, and control systems necessary for utility-scale machines. Its photonic approach eliminates the need for traditional cryostats and replaces them with a modular high-density cooling solution capable of cooling hundreds of quantum chips in a single cabinet. 

Professor Jeremy O’Brien, co-founder and Chief Executive Officer of PsiQuantum, revealed that building a million-qubit scale will unlock the promise of quantum computing. He acknowledged that with the latest funding, they will be able to take the next steps to deliver the full potential of quantum computing.

“We defined what it takes from day one: this is a grand engineering challenge, not a science experiment. We tackled the hardest problems first at the architectural and chip level and are now mass-manufacturing best-in-class quantum photonic chips at a leading U.S. semiconductor fab.”

-Jeremy Obrein, PsiQuantum co-founder and CEO

Dr. Pete Shadbolt, co-founder and chief scientific officer, added that nearly nine years after the onset, they are now close to the level of maturity and performance. He revealed that they have all the tools to support the development of utility-scale systems, including chips, scalable cooling technology, networking, construction sites, and government support.

Ward says quantum computing may surpass AI capabilities

The quantum computing firm also recently announced a partnership with Nvidia to support the development of GPU-QPU integration. Since its Series D financing in 2021, the firm has established a high-volume manufacturing process for its photonic chipset. 

PsiQuantum manufactures 300mm Barium Titanate (BTO) wafers at its California facilities, which are then integrated with wafers produced at GlobalFoundries. The new funding will support increased BTO production to meet the volumes required for utility-scale quantum computing. The BTO-enabled optical switches also have potential applications in next-generation AI supercomputers, where low-power, high-speed optical networking is relevant.

Tony Kim, Head of the Fundamental Equities Technology Group at BlackRock, stated that AI is built on classical computing, which has underpinned the last fifty years of technology. He added that quantum computing will allow for the simulation of the physical world with transformative accuracy.

Luke Ward, private companies investment manager at Baillie Gifford, acknowledged that they started backing PsiQuantum over six years ago, recognising its unique approach to scaling quantum computing.  He added that since then, the company has consistently hit technical milestones while forging deep partnerships across industry and government. He noted that the quantum computing firm is now positioned at the forefront of what could be a trillion-dollar industry, able to solve some of humanity’s most significant challenges and going beyond what is possible with AI.

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