The US company said the cash would help it build a quantum computer by 2028 with 1mn quantum bits, the basic units that encode information, far more than the hundreds of qubits in today\u2019s most advanced machines. <\/p>\n
The ambitious timeframe could put it ahead of Google and IBM, which are in a race to build a full-scale quantum system by the end of this decade<\/a>. <\/p>\n A computer that big would be able to solve \u201ccommercially valuable problems that nobody else on the planet will ever solve\u201d without a quantum machine, said Peter Shadbolt, PsiQuantum\u2019s chief scientific officer. <\/p>\n Quantum computers could help unlock scientific breakthroughs such as developing new materials and drug discovery.<\/p>\n PsiQuantum said the deal valued the company at $7bn, including the funding, compared to a $3.2bn valuation when it last raised money in 2021.<\/p>\n The latest funding highlights the broadening interest among investors as the promise of workable quantum machines comes closer to reality. <\/p>\n It was led by BlackRock, Temasek and Baillie Gifford, along with a slate of new investors that included Nvidia\u2019s venture capital arm. <\/p>\n The chipmaker\u2019s backing comes despite a warning from chief executive Jensen Huang earlier this year that a workable quantum computer could still be 20 years away.\u00a0<\/p>\n Quantum machines are expected to perform specialised calculations alongside supercomputers running Nvidia\u2019s GPUs, leading the AI chips group to work closely with a number of quantum companies, including PsiQuantum.<\/p>\n The investment comes after rival Quantinuum this month announced a $600mn fundraising at a $10bn valuation, while Finnish company IQM raised $300mn. <\/p>\n The investments mirror a burst of enthusiasm in the stock market that began late last year and accelerated with a series of recent technical breakthroughs in the field. <\/p>\n Three publicly traded companies in the US that are trying to build quantum systems, IonQ, Rigetti and D-Wave, have seen their combined stock market value jump to $22bn, from less than $5bn in November.<\/p>\n Start-ups<\/a> such as PsiQuantum are also in a race with some of the biggest and best-funded tech companies, including Amazon and Microsoft. <\/p>\n However, the field as a whole still faces steep technical challenges. <\/p>\n Google is the only company to have shown<\/a> it can control the \u201cnoise\u201d that builds up inside a quantum system and drowns out calculations as more qubits are added, a critical hurdle known as error correction.<\/p>\n Shadbolt pointed to Google\u2019s achievement as the most important in a number of breakthroughs that had ignited interest in the industry and raised hopes for practical quantum machines.<\/p>\n \u201cThere were people who said physics will conspire against you to stop this from happening,\u201d he said. \u201cThe whole field of quantum computing has been emboldened by some of these recent results.\u201d <\/p>\n PsiQuantum, which was founded in the UK nine years ago before moving to Silicon Valley<\/a>, has placed a bet on a different core technology to most other quantum computers. <\/p>\n Recommended<\/p>\n
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