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:
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.
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.