Quantum Computing Startup Psiquantum is raising at least $750 million in a new funding round that could potentially value the company with $6 billion in primoney. One of them said BlackRock was leading the round, but this is still ongoing.
The funding has led to major players like Google, Microsoft and Amazon increasing their efforts to roll out new quantum chips. Nvidia recently announced plans for the Center for Quantum Computing Research in Boston.
“Quantum Computing startup Psiquantum has raised at least $750 million in its previous valuation of $6 billion, according to two people familiar with the issue. BlackRock is leading the funding efforts that have not yet been completed,” Reuters reported.
Quantum computing promises to tackle problems beyond the scope of traditional computers. Unlike regular processors that use bits that switch between zero and one, Quantum chips run on qubits. This fundamental difference could open the door to breakthroughs in materials science, encryption and complex simulations.
Many quantum startups are experimenting with new exotic materials, but Psiquantum is taking a different route. This works in a proven process in the semiconductor industry. The company uses photonics-based chipmaking, the same technology behind fiber optic communication, and produces chips at its Global Foundry facility in New York. Long-term goal? Millions of quantum chips.
However, building quantum machines at that scale is not cheap. It states that serious capital is required to manufacture quantum processors of quantum.
Quantum computing has become a hot race between both startups and tech giants. The technology promises to tackle issues well beyond the scope of today’s supercomputers, such as drug development and modeling atomic-level interactions for the creation of new types of batteries.
Psiquantum is also moving at the forefront of the public sector. The company is partnering with the US and Australian governments to build one quantum computer in Brisbane and one in Chicago.
Quantum machines have been developed for decades, but have struggled with unreliable error rates for practical use. That’s starting to change. Companies are making progress in improving chip quality and correcting errors. Psiquantum says it is well underway to deliver useful quantum computers by 2029. Google believes otherwise Quantum Applications could be ready within five years.
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