In a late July press release, California-based quantum computing company PsiQuantum have advised that they have received $450 million in funding from private investors to build the world’s first commercially viable and fault-tolerant quantum computer. Such a project has world-changing potential, especially through tackling climate, healthcare, and energy challenges.
Why investors are funding PsiQuantum’s ambitious project
Following a previous eye-watering $125 million investment round, this funding, led by BlackRock, with participation from Baillie Gifford, Microsoft, and new investors including Blackbird Ventures and Temasek, brings PsiQuantum’s funding total to an astounding $665 million. Members of the hierarchies at BlackRock and Baillie Gifford explain why the world’s first commercially viable quantum computer warrants this level of funding:
“A commercially viable, general-purpose quantum computer has the potential to create entirely new industries ready to address some of the most urgent challenges we face, especially in climate, healthcare, and energy”
Tony Kim, managing director at BlackRock
Developing the commercially viable quantum computer
Building a useful quantum computer requires time, money, and boatloads of brainpower. The world-class team of engineers and scientists at PsiQuantum are working on the entire quantum computing stack, including photonic and electronic chips, and fault tolerance, along with establishing a scalable and proven manufacturing process. The company has started manufacturing silicon photonic and electronic chips, as well as the cryogenic electronic chips that are needed to control the one million qubits that are required for error correction, a prerequisite for commercially valuable quantum computing applications.
“It is my conviction that the way to bring this technology into reality is by using photonics. 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.”
Jeremy O’Brien, CEO and co-founder of PsiQuantum
There are exciting times ahead for Jeremy O’Brien and his colleagues at PsiQuantum. In a world with worsening climate change, overpopulation, and an increasing prevalence of chronic diseases, the developments at PsiQuantum may just provide some solutions to seemingly unsolvable problems.
“With its uniquely scalable approach, PsiQuantum is on track to deliver the world’s first useful quantum computer and unlock a powerful new era of innovation in the process. Whether it’s developing better battery materials, improving carbon capture techniques, or designing life-saving drugs in a fraction of the time, quantum computing is key to solving many of the world’s most demanding challenges.”
Luke Ward, investment manager at Baillie Gifford
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