Mediaboss Marketing

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.

The company will build a utility-scale quantum computer at a strategically located site near Brisbane Airport in Brisbane, Australia. PsiQuantum is on an plan to have the site operational by the end of 2027. A fault-tolerant quantum computer will be able to solve commercially useful problems across industries built upon chemistry, math, and physics, thereby transforming critical industries including renewable energy, minerals and metals, healthcare and transportation.

Founded in 2015 and led by CEO Jeremy OBrien, PsiQuantum aims to build and deploy the worlds first useful, fault-tolerant quantum computing systems. Its photonic approach enables it to leverage high-volume semiconductor manufacturing and existing cryogenic infrastructure to rapidly scale its 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 OBrien said: This platform will help solve todays impossible problems and will serve as tool to design the solutions we so desperately need to safeguard our future. Were 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.

FinSMEs

30/04/2024

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PsiQuantum to Receive USD620M Investment from Australian Government - FinSMEs