Baillie Gifford, the manager of Scottish Mortgage Investment Trust and many other popular funds, has invested in a funding round for a company to build the world’s first commercially viable quantum computer.
PsiQuantum, which was founded by Bristol University and Stanford physics professor Jeremy O'Brien and three other British scientists, raised US$450mln in Series D funding from existing investors Baillie Gifford, BlackRock (NYSE:BLK) and Microsoft’s M12 venture fund, plus new investors including Blackbird Ventures and Temasek.
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The team have been working for years to develop a scalable and ‘fault tolerant’ quantum computer, having settled on a silicon-based photonic approach that means it should be easier to manufacture than other proposed methods.
Quantum computers employ the notions of quantum mechanics to deliver hugely increased levels of processing power, but currently are extremely sensitive and therefore unviable for production on a mass scale.
PsiQuantum, which has now raised a total of US$665mln in funding to date, is working with semiconductor manufacturer GlobalFoundries to employ the same advanced chip manufacturing techniques that allow a billion transistors to be fitted into every smartphone.
“Quantum computing is the most profoundly world-changing technology uncovered to date,” said O'Brien. “It is my conviction that the way to bring this technology into reality is by using photonics.
“Our company was founded on the understanding that leveraging semiconductor manufacturing is the only way to deliver the million qubits that are known to be required for error correction, a prerequisite for commercially valuable quantum computing applications. This funding round is a major vote of confidence for that approach.”
Baillie Gifford’s Luke Ward said: “Investing is about backing companies with the potential to deliver transformational growth.
“With its uniquely scalable approach, PsiQuantum is on track to deliver the world’s first useful quantum computer and unlock a powerful new era of innovation in the process. Whether it’s developing better battery materials, improving carbon capture techniques, or designing life-saving drugs in a fraction of the time, quantum computing is key to solving many of the world’s most demanding challenges.”
Baillie Gifford, the manager of Scottish Mortgage Investment Trust and many other popular funds, has invested in a funding round for a company to build the world’s first commercially viable quantum computer.
PsiQuantum, which was founded by Bristol University and Stanford physics professor Jeremy O'Brien and three other British scientists, raised US$450mln in Series D funding from existing investors Baillie Gifford, BlackRock and Microsoft’s M12 venture fund, plus new investors including Blackbird Ventures and Temasek.
The team have been working for years to develop a scalable and ‘fault tolerant’ quantum computer, having settled on a silicon-based photonic approach that means it should be easier to manufacture than other proposed methods.
Quantum computers employ the notions of quantum mechanics to deliver hugely increased levels of processing power, but currently are extremely sensitive and therefore unviable for production on a mass scale.
PsiQuantum, which has now raised a total of US$665mln in funding to date, is working with semiconductor manufacturer GlobalFoundries to employ the same advanced chip manufacturing techniques that allow a billion transistors to be fitted into every smartphone.
“Quantum computing is the most profoundly world-changing technology uncovered to date,” said O'Brien. “It is my conviction that the way to bring this technology into reality is by using photonics.
“Our company was founded on the understanding that leveraging semiconductor manufacturing is the only way to deliver the million qubits that are known to be required for error correction, a prerequisite for commercially valuable quantum computing applications. This funding round is a major vote of confidence for that approach.”
Baillie Gifford’s Luke Ward said: “Investing is about backing companies with the potential to deliver transformational growth.
“With its uniquely scalable approach, PsiQuantum is on track to deliver the world’s first useful quantum computer and unlock a powerful new era of innovation in the process. Whether it’s developing better battery materials, improving carbon capture techniques, or designing life-saving drugs in a fraction of the time, quantum computing is key to solving many of the world’s most demanding challenges.”