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PsiQuantum simplifies the application of quantum computing
US startup PsiQuantum has raised US$750 million. The main investor was BlackRock. Earlier, the quantum computing project received funding from the Australian government.
A group of Australian scientists founded PsiQuantum in 2015. They include Dr Pete Shedbolt and Professor Jeremy O’Brien. The researchers joined forces to create the world’s first practical quantum computer. During this period, the company carried out some important projects:
- Developed technology that uses photons as an alternative to electrons to represent qubits.
- Performed the world’s first laboratory demonstration of a two-qubit logic valve using single photons.
- Created integrated quantum photonics and fusion-based quantum computing.
- Introduced a prototype quantum processor that runs in the cloud.
Since 2013, the startup has focused on solving a key problem in quantum computing. It is about the common errors that make the devices inefficient and limit their capabilities.
Investment attractiveness of the project
PsiQuantum aims to create a complete solution for the industry. The startup plans to build its first quantum computer. It will be located in Brisbane and is expected to be operational by 2027. The company has received US$940 million in funding from the Australian government in 2024. The capital was provided by the Queensland state and federal authorities in the form of loans and equity.
A similar deal was struck in Chicago. Here, the startup has raised US$500 million to build a quantum computer that will be operational in 2028. The investment was provided by various local authorities in the city. The government will release the capital in tranches over 30 years.
Blackbird, an Australian venture fund, also backs PsiQuantum alongside these organisations. It supported the company even before it received money from government agencies. In 2021, PsiQuantum held a Series D funding round. At that time, the fund provided US$450 million for the development of the project. That funding round pushed the startup’s valuation above US$3.15 billion. The new round will likely almost double the company’s value.
Investors’ interest in the startup has been boosted by its latest development. In February 2025, the company unveiled the Omega quantum photonic chip, designed for utility computing. The chip features innovative components that solve problems for million-qubit quantum computers.
To strengthen its market presence, PsiQuantum has partnered with the new startup Iceberg Quantum. Iceberg Quantum specialises in the development of fault-tolerant quantum architectures.