PsiQuantum

PsiQuantum develops general-purpose quantum computers based on the silicon photonic approach, a relatively new method which is capable of using the existing silicon supply chain of conventional electronics. This will help the company keep production costs low and provide scalability, allowing PsiQuantum to focus on building a commercially viable quantum computer with one million qubits, the company’s primary development goal.

Key customers and partnerships

Working towards its goal, in May 2021 PsiQuantum entered into a partnership with global chip manufacturer GlobalFoundries (GF) to build an integrated, silicon photonics-based quantum system called the “Q1 system” by manufacturing quantum chips in GF’s semiconductor foundry. This partnership also received US federal funding of USD 25 million in April 2022. The company partnered with Japanese quantum software company QunaSys in December 2021 to research quantum-based industrial chemistry and material science solutions and partnered with the UK-based Science and Technology Facilities Council (STFC) Hartree Centre in October 2023 to develop Fault-Tolerant Quantum Computing (FTQC) applications in the UK. In January 2024, PsiQuantum and Mitsubishi UFJ Financial Group (MUFG) entered PsiQuantum's Qlimate initiative project with Mitsubishi Chemical to research energy-efficient materials to promote a low-carbon economy.

Funding and financials

Founded in 2016, the company has remained relatively quiet about its silicon photonic approach but gained wider attention after attracting the two largest funding rounds in industry history with GBP 179 (USD 230 million) in 2019 and USD 150 million in April 2020. In July 2021, the company surpassed its own record with a Series D funding round of up to USD 450 million, making PsiQuantum the highest privately funded quantum startup at the time. The proceeds were earmarked for building the 1 million-qubit computer and expanding its team of experts.