Quantum computing firm PsiQuantum has secured $1 billion in Series E funding, valuing the company at $7 billion. The investment round saw participation from NVentures, Nvidia's venture capital arm, alongside BlackRock, Temasek, Baillie Gifford, Macquarie Capital and Qatar Investment Authority.
The funding will support PsiQuantum's plans to construct quantum computing facilities in Brisbane and Chicago, test prototype systems, and enhance its quantum technology. PsiQuantum is also collaborating with Nvidia on quantum algorithms, software, and the integration of quantum processors and GPUs. The company aims to build a million-qubit, fault-tolerant quantum computer using its silicon photonics platform. This involves scaling up the manufacturing of bespoke parts, including Barium Titanate wafers, for intermediate-scale systems.
PsiQuantum's approach uses photons as qubits, enabling the fabrication of quantum processors on existing semiconductor lines. The company has partnered with GlobalFoundries to manufacture its chips. The new funding will also support increased BTO production to meet the volumes required for utility-scale quantum computing.
