Quantum computing startup PsiQuantum ‘is raising $750M’
PsiQuantum uses existing photonics technology at a facility run by GlobalFoundries in New York. In February, PsiQuantum said it had figured out how to manufacture quantum chips in large quantities.
US quantum computing startup PsiQuantum is raising at least USD 750 million at a USD 6 billion pre-money valuation, a Reuters report says.
The ongoing fundraising effort is reportedly being led by BlackRock. In 2021, PsiQuantum secured a USD 450 million investment in a Series D funding round led by funds and accounts managed by BlackRock.
PsiQuantum uses existing photonics technology at a facility run by GlobalFoundries in New York. However, making a high volume of quantum computing processors is expensive and complex, and needs fundraising, sources told Reuters.
In February, PsiQuantum announced that it had figured out how to manufacture quantum chips in large quantities.
Its approach called photonic quantum computing involves encoding data in individual particles of light. This offers huge advantages such as low noise and high-speed operation but the hardware demands are daunting. Now, the US startup says it has addressed most of these problems.
Quantum computing promises to solve complex problems far beyond the prowess of conventional computers, such as predicting how atoms and molecules will interact. Such futuristic quantum machines can potentially be used to develop new materials for batteries and new-age drugs, the Reuters report said.
Major tech companies like Google, Microsoft and Amazon have all unveiled new quantum computing chips in recent months. Chipmaking giant Nvidia announced it will establish a quantum computing research center in Boston.
PsiQuantum is working with the Austrian and US governments to build two quantum computers, one each in Brisbane and Chicago.
