PsiQuantum Raises $1B for Fault-Tolerant Quantum Computers

PsiQuantum, a quantum computing company, has announced a $1 billion Series E funding round intended for advancing fault-tolerant quantum systems. Mark Brunner, executive vice president of public sector at PsiQuantum, shared the recent development on LinkedIn Wednesday.

“This $1B raise will help us rapidly deploy utility scale quantum computing at our sites in Brisbane and Chicago,” said Brunner.

The investment was led by BlackRock, Temasek and Baillie Gifford, with participation from Macquarie Group, Ribbit Capital, NVentures, Type One Ventures, Counterpoint Global, 1789 Capital, SVentures, Blackbird, Third Point and T. Rowe Price Associates.

Investment Fuels Advanced Quantum Computer Development

The capital, which brings the company’s valuation to $7 billion, will support PsiQuantum’s goal of building the first million-qubit scale, fault-tolerant quantum computers. The company will use the investment to construct new facilities in Chicago, Illinois, and Brisbane, Australia, where the advanced quantum computers will be built.

In addition, the investment will support the 130,000-square-foot test and assembly facility currently being constructed in South Bay, California. The company plans to utilize this facility to build its largest test systems and scale the production of Barium Titanate, a high-performing electro-optic material, and other advanced materials.

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