"PsiQuantum, the Palo Alto-based startup that's been tapped to build quantum computers in Chicago and Brisbane, Australia, has raised a $1 billion dollar Series E that values the 9-year-old company at $7 billion. The round was led by BlackRock, Baillie Gifford, and Temasek, and includes NVentures, the venture capital arm of chip maker Nvidia. The deal is one of the largest single private investments in quantum computing technology to date."
"PsiQuantum has been shifting from the "centimeter scale" work of chip and device design, Shadbolt says, to focus on the "kilometer scale" work of building out cooling cabinets and other infrastructure for data-center-size computing facilities. He says the new funds will also help PsiQuantum scale up its manufacturing of the "bespoke parts and materials" that will be used in intermediate-scale systems."
PsiQuantum raised $1 billion in a Series E at a $7 billion valuation led by BlackRock, Baillie Gifford, and Temasek, with NVentures participating. The investment ranks among the largest private bets in quantum computing. The company aims to build a photonics-based, utility-scale quantum computer and has tested key components but has not yet completed a full machine. PsiQuantum is shifting from "centimeter scale" chip and device design toward "kilometer scale" infrastructure for data-center-size facilities and plans to scale manufacturing of "bespoke parts and materials" for intermediate systems. The company states an aggressive roadmap to larger systems without attempting a single leap. The round includes existing investors Third Point Ventures and T. Rowe Price. Recent industry moves include large raises by IQM, Quantinuum, and Infleqtion.
Read at Fast Company
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