- Qatar Investment Authority (QIA) Announces Participation in Series E Round Backing U.S.-based PsiQuantum
- The Round Backs Photonic Quantum Computing Technologies
- Round Led by BlackRock Funds with Participation from Major Global Investment Institutions
The Qatar Investment Authority (QIA) has announced its participation in a Series E funding round for PsiQuantum, a U.S.-based pioneer in photonic quantum computing.
The round raised $1 billion, pushing the company’s valuation to approximately $7 billion, marking one of the largest funding deals in the global quantum computing sector.
The round raised $1 billion, pushing the company’s valuation to approximately $7 billion, marking one of the largest funding deals in the global quantum computing sector.
Funding Details
The round was led by funds managed by BlackRock, with participation from major institutional investors including Temasek, Baillie Gifford, NVentures, Macquarie Capital, Ribbit Capital, and Morgan Stanley Counterpoint Global.
Existing investors such as Blackbird, Third Point Ventures, and T. Rowe Price Associates also joined the round.
PsiQuantum’s Vision
PsiQuantum aims to build the world’s first large-scale, fault-tolerant quantum computer with a capacity of one million qubits, leveraging photon-based qubit technology and advanced photonic chips manufactured using large-scale semiconductor fabrication techniques.
Expansion Plans
The company plans to use the fresh capital to launch new quantum computing sites, deploy large-scale prototype systems to test architecture and integration, and accelerate the development of barium titanate (BTO)-based optical switches.
These switches are expected to play a crucial role in scaling quantum computing and could potentially pave the way for next-generation AI supercomputers in the future.
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