Temasek-backed PsiQuantum secures $1.28b in Series E funding round

This is in support of building large-scale, fault-tolerant quantum computers.

PsiQuantum, a quantum computing startup backed by Temasek, has raised $1.28b (US$1b) in a Series E funding round to support its effort to build large-scale, fault-tolerant quantum computers.

The fundraising puts PsiQuantum’s valuation at $8.98b (US$7b).

The company plans to use the money to begin construction on quantum computing facilities in Brisbane and Chicago, deploy prototype systems to test its architecture, and improve the performance of its photonic chips and fault-tolerant systems.

The round was led by funds managed by BlackRock, with participation from Temasek, Baillie Gifford, and a mix of new and existing investors.

New backers include Macquarie Capital, Ribbit Capital, NVIDIA’s venture arm NVentures, Adage Capital Management, Qatar Investment Authority (QIA), Type One Ventures, Morgan Stanley’s Counterpoint Global, 1789 Capital, and SentinelOne’s venture fund.

Blackbird, Third Point Ventures, and T. Rowe Price also took part.

In addition, the company is working with NVIDIA on software, algorithms, and hardware integration and has incorporated barium titanate (BTO) into its chip manufacturing process.

PsiQuantum produces BTO wafers in California and integrates them with chips from GlobalFoundries.

The company says scaling up BTO production is critical for its quantum systems but could also have applications in AI supercomputers, where optical switches could improve networking efficiency.

Beyond chip development, PsiQuantum is also building the cooling, networking, and control systems for utility-scale machines.

($1 = US$0.78)

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