Total amount raised
$1.3 Billions
Latest funding date
Location
PsiQuantum has successfully raised significant funds through various venture rounds, with backing from notable investors including the Australian Government. The company is dedicated to developing scalable quantum computers using photonic qubits.
Continue reading to delve into the details of PsiQuantum's funding journey and the investors who are supporting this groundbreaking technology.
What Is PsiQuantum?
PsiQuantum, founded in 2016, is headquartered in Palo Alto, California. The company is dedicated to developing scalable quantum computers using photonic qubits.
The founders of PsiQuantum are Jeremy O'Brien, Mark Thompson, Peter Shadbolt, and Terry Rudolph. Their mission is to build the first utility-scale quantum computer to address significant global challenges.
With a team of 251-500 employees, PsiQuantum leverages existing infrastructure to accelerate the development and deployment of fault-tolerant quantum computers.
How Much Funding Has PsiQuantum Raised?
- Series A
- Amount Raised: $13.5M
- Date: June 2016
- Lead Investors: Playground Global, Redpoint
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and begin initial development of their quantum computing technology.
- Series B
- Amount Raised: $50M
- Date: September 2017
- Lead Investors: Founders Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand research and development efforts and hire additional talent.
- Series C
- Amount Raised: $150M
- Date: April 2020
- Lead Investors: Atomico
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the development of their photonic quantum computing technology.
- Series C
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling their technology and prepare for commercial deployment.
- Series D
- Amount Raised: $450M
- Date: July 2021
- Lead Investors: BlackRock
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their quantum computing infrastructure and move closer to commercial readiness.
- Venture Round
- Amount Raised: A$940M
- Date: April 2024
- Lead Investors: Australian Government, Queensland Government
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build a quantum computing site near Brisbane Airport, operational by the end of 2027.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: April 2024
- Lead Investors: Australian Government, Queensland Government
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for infrastructure development.
- Grant
- Amount Raised: Not publicly disclosed
- Date: April 2024
- Lead Investors: Australian Government, Queensland Government
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the establishment of their quantum computing site in Australia.
Total Amount Raised: $663.5M + A$940M
Current Valuation: Not publicly disclosed
Key Investors
- Australian Government
- Details: The Australian Government is the federal government of Australia, responsible for national policies and programs. It plays a significant role in funding and supporting technological advancements and infrastructure projects.
- Investment Focus Areas: Technology, infrastructure, innovation.
- Notable Investments: Renewable energy projects, infrastructure development, technology startups.
- Queensland Government
- Details: The Queensland Government is the state government of Queensland, Australia. It focuses on regional development and supports local industries and technological innovation.
- Investment Focus Areas: Regional development, technology, innovation.
- Notable Investments: Local infrastructure projects, technology hubs, innovation centers.
- BlackRock
- Details: BlackRock is a global investment management corporation based in New York City. It is one of the world's largest asset managers, providing investment management, risk management, and advisory services.
- Investment Focus Areas: Technology, financial services, healthcare.
- Notable Investments: Apple, Microsoft, Alphabet.
- Atomico
- Details: Atomico is a venture capital firm founded by Niklas Zennström, co-founder of Skype. The firm invests in innovative technology companies at various stages of growth.
- Investment Focus Areas: Technology, software, telecommunications.
- Notable Investments: Klarna, Supercell, Graphcore.
- Founders Fund
- Details: Founders Fund is a San Francisco-based venture capital firm founded by Peter Thiel, Ken Howery, and Luke Nosek. The firm focuses on investing in companies that are working on breakthrough technologies.
- Investment Focus Areas: Technology, aerospace, healthcare.
- Notable Investments: SpaceX, Palantir Technologies, Airbnb.
What's Next for PsiQuantum?
With the substantial A$940 million investment from the Australian and Queensland governments, PsiQuantum is poised to build a utility-scale quantum computer near Brisbane Airport by 2027. This project aims to address complex problems across various industries, including renewable energy, healthcare, and transportation, potentially igniting the next industrial revolution.
Given the significant backing, future fundraising opportunities seem promising, with potential for further public and private sector investments. However, PsiQuantum faces challenges in scaling their quantum systems and ensuring the reliability of qubits, which are sensitive to environmental changes. As the quantum computing industry continues to grow, PsiQuantum's innovative approach using photonic qubits positions them well for future success.
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