PsiQuantum

PsiQuantum develops general-purpose quantum computers based on the silicon photonic approach, a relatively new method that is capable of using the existing silicon supply chain of conventional electronics. This will help the company keep production costs low and provide scalability. Its semiconductor roadmap involves interconnecting multiple quantum processor chips with optical fibers and high-performance optical switches to enable teleportation and entanglement of single-photon operations between chips.

PsiQuantum's technology uses individual photons, particles of light, as qubits. This approach offers several advantages, including the ability to operate at higher temperatures compared to other qubit technologies, compatibility with fiber-optic networks, and resistance to electromagnetic interference. Additionally, photons can maintain quantum states for relatively long periods, allowing more quantum operations and increased computational power.

The company aims to build a fault-tolerant quantum computer with one million physical qubits by the end of 2027, enabling error correction and addressing complex problems across various industries.

In March 2023, PsiQuantum opened an advanced R&D facility at the Daresbury Laboratory in the UK, backed by GBP 9 million from the UK Government's Department for Science, Innovation, and Technology. This facility provides access to one of Europe's largest liquid-helium cryogenic plants, essential for testing PsiQuantum's approach to storing quantum chips at extremely low temperatures.

Key customers and partnerships

Working toward its goal, in May 2021, PsiQuantum entered 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. 

In October 2022, the company secured a USD 22.5 million contract from the US Air Force Research Lab (AFRL) to co-design advanced quantum photonic chips that will be manufactured by GF. 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.

In May 2023, PsiQuantum received a USD 25 million grant from the US Department of Defense, through the Air Force Research Laboratory, for tooling and further development of its photonic quantum computer.

Funding and financials

In April 2024, the company secured AUD 940 million (USD 620 million) from the Australian Commonwealth and Queensland Governments to establish the first utility-scale, fault-tolerant quantum computer in Australia. Notably, PsiQuantum is one of the highest privately funded startup in the industry.