PsiQuantum to Receive USD620M Investment from Australian Government
Summary
PsiQuantum, a Palo Alto, CA-based provider of fault-tolerant quantum computing systems, is to receive $940M AUD ($620M USD) through a financial package, comprised of equity, grants, and loans from the Australian Commonwealth and Queensland Governments. Founded in 2015 and led by CEO Jeremy O’Brien, PsiQuantum aims to build and deploy the world’s first useful, fault-tolerant quantum computing systems. The company works with industry leaders from around the globe whose products and technologies are rooted in fundamental chemistry and science, such as the development of new drugs, more efficient renewable energy technologies including batteries and solar cells, and step-change improvements in processes to produce renewable energy sources such as green ammonia and green hydrogen. Commenting on the news, Jeremy O’Brien said: “This platform will help solve today’s impossible problems and will serve as tool to design the solutions we so desperately need to safeguard our future. We’re thrilled to partner with the Australian and Queensland governments as our team at PsiQuantum takes a massive step forward in our mission to help deliver on the promise of quantum computing.”