Cambridge-based quantum computing startup, PsiQuantum, announced that it has secured £20 million in funding from investors. The company plans to use the funds to build a new manufacturing facility and accelerate the development of its quantum computing technology.
PsiQuantum is focused on building a commercial-grade quantum computer that can handle complex simulations and solve problems that are impossible for classical computers. According to the company, its technology uses photonics-based quantum processors, which can be manufactured using existing semiconductor fabrication techniques. PsiQuantum aims to create a fault-tolerant quantum computer with millions of qubits, which will be capable of performing a range of applications in various fields, including drug discovery, logistics optimization, and cryptography.
The funding round was led by BlackRock and included participation from M12, the venture capital arm of Microsoft, and Baillie Gifford. PsiQuantum CEO, Jeremy O’Brien, expressed his excitement about the funding and the potential of the company’s technology. “We are thrilled to have the support of such world-class investors as we work to realize the promise of quantum computing,” he said.
The new manufacturing facility, which will be located in Silicon Valley, will allow PsiQuantum to expand its production capabilities and accelerate the development of its technology. The company plans to build a 1 million square foot facility that will house a team of engineers and scientists working on the development of its quantum computing platform.
With this funding, PsiQuantum is well-positioned to make significant progress towards its goal of building a commercial-grade quantum computer. The company’s technology has the potential to transform industries and solve problems that are currently unsolvable with classical computers.
In conclusion, PsiQuantum’s latest funding round marks a significant milestone for the company as it continues to work towards building a commercially viable quantum computer. The funding will help PsiQuantum expand its manufacturing capabilities and accelerate the development of its technology. With the support of BlackRock, M12, Baillie Gifford, and other investors, PsiQuantum is well-positioned to become a leader in the quantum computing industry.