PsiQuantum Inc., a pioneering startup in the quantum computing realm, has successfully secured $1 billion in a significant funding round aimed at advancing the development of a robust quantum computer capable of surpassing one million qubits. This latest investment, part of a Series E funding effort, was spearheaded by BlackRock Inc., with participation from major investors such as Temasek, Baillie Gifford, Macquarie Capital, Ribbit Capital, NVentures (Nvidia’s venture arm), and Adage Capital Management. The funding has catapulted PsiQuantum’s valuation to $7 billion, more than a twofold increase from its previous valuation of $450 million during its Series D round in 2021.
Building a quantum computer at this unprecedented scale presents formidable challenges, particularly in terms of error correction. Qubits serve as the fundamental building blocks of quantum computing, akin to bits in classical systems, but with the unique ability to represent both 0 and 1 simultaneously, allowing for vastly accelerated computation compared to traditional supercomputers. “The only way to realize the full potential of quantum computing is to construct fault-tolerant machines at the million-qubit scale,” stated Prof. Jeremy O’Brien, co-founder and CEO of PsiQuantum. He emphasized that the endeavor is a substantial engineering challenge rather than merely an experimental project.
Quantum computing’s unique capabilities make it particularly beneficial for specialized tasks, including drug discovery, genetics, and materials science. When integrated with supercomputing resources, these machines can tackle complex problems in a fraction of the time it would take traditional systems—transforming months or years of computation into mere minutes.
Since 2021, PsiQuantum has made strides in enhancing its manufacturing processes for its integrated photonic chipset, which utilizes light for data storage and communication within quantum systems. The incorporation of Barium Titanate has further improved the technology necessary for performance-critical optical switches, key for scaling production.
The funding bolsters PsiQuantum’s ambitious goal of launching its advanced quantum computer by 2028. It joins other industry leaders like IBM, which has announced similar plans for large-scale quantum systems, and Quantinuum, which recently raised $600 million at a $10 billion valuation. Additionally, Google LLC has made headlines with its Willow chip—a significant advancement in error-correcting quantum technology.
In tandem with this funding, PsiQuantum has forged a partnership with Nvidia to develop quantum algorithms, software solutions, and integrate graphics processing units with its quantum chips. This collaboration underscores the pivotal role of GPUs in enhancing the computational efficacy of artificial intelligence technologies.
“AI has thrived on classical computing, forming the backbone of technological advances over the last fifty years. We are now entering an era of quantum computing, which offers the capability to simulate the physical world with transformative precision,” remarked Tony Kim, head of the Fundamental Equities Technology Group at BlackRock.
Furthermore, PsiQuantum is innovating in cooling, networking, and control systems for utility-scale quantum computers, leveraging light for these functions instead of traditional cryostat technologies. The company has developed a high-density cooling mechanism that can efficiently cool numerous chips within a single data center cabinet, marking a significant leap in quantum infrastructure technology.
