Quantum computing startup PsiQuantum is raising at least $750 million in a funding round, valued at an estimated $6 billion pre-money, Reuters reported on Tuesday. The fundraising effort has been led by BlackRock.
This round of fundraising has brought the startup closer to IonQ, the main listed quantum player, and indicates the growing interest in this technology, which is still in its development phase.
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Founded in 2016, PsiQuantum makes use of photonic technology which uses particles of light to process information. Unlike some quantum computing startups using exotic materials, PsiQuantum aims to modify traditional manufacturing techniques from the semiconductor industry. The company uses existing photonics technology — the same kind of chipmaking used to make the fiber-optic connections for internet communications — at a factory run by GlobalFoundries in New York.
PsiQuantum is working with the governments in Australia and the United States to build two quantum computers in the coming years: one in Brisbane, Australia and the other in Chicago.
While this has not reached mainstream adoption, quantum technology has caught the interest of an increasing number of investors as major groups like Amazon, Microsoft and IBM are stepping up their announcements of advances in the sector.
Recent innovations in this field include the development of Microsoft’s first quantum computing chip Majorana 1 which makes use of a unique category of material called the “topoconductor.”
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Nvidia has also stepped into the field, having announced its plans to establish a dedicated research lab called The Nvidia Accelerated Quantum Research Center, or NVAQC in Boston, where it will collaborate with top scientists from Harvard University and the Massachusetts Institute of Technology (MIT).
Many analysts believe that quantum computing might be the next big thing in tech, similar to the current boom in artificial intelligence. There’s still a long way to go, especially to achieve concrete profitability, but the sums mobilized by companies like PsiQuantum can be seen as an indicator of their strategic interest.