PsiQuantum raises $1B, announces collaboration with Nvidia

PsiQuantum announced it has raised $1B in funding for its Series E round to build the world’s first commercially useful, fault-tolerant quantum computers. This funding will equip the company to break ground on utility-scale quantum computing sites in Brisbane and Chicago, deploy large-scale prototype systems to validate systems architecture and integration, and further advance the performance of its quantum photonic chips and fault-tolerant architecture, the company said. Led by funds and accounts managed by affiliates of BlackRock (BLK), along with Temasek and Baillie Gifford, this fundraising values the company at $7B and brings in new investors, including entities administered by Macquarie Capital, Ribbit Capital, NVentures – Nvidia’s (NVDA) venture capital arm, Adage Capital Management, Qatar Investment Authority, Type One Ventures, Counterpoint Global – Morgan Stanley (MS), 1789 Capital, and S Ventures – SentinelOne (S). The round also included participation from existing investors including Blackbird, Third Point Ventures, and T. Rowe Price Associates. In addition to investment support from NVentures, PsiQuantum is collaborating with Nvidia across a broad range of development areas, including quantum algorithms and software, GPU-QPU integration and PsiQuantum’s silicon photonics platform.