PsiQuantum, the US startup backed by Blackbird, and the Queensland and federal governments, is already running several months behind schedule on plans to build its Brisbane facility and deliver the world’s first quantum computer. Founded in Palo Alto in 2016 by four expat Australian professors, PsiQuantum was backed by $940 million in joint funding from… Read more »
The federal department tasked with evaluating American firm PsiQuantum’s unsolicited proposal to build a quantum computer in Australia carried out an “appropriate” process despite minor issues with record keeping and planning for market testing, an internal audit has found. PsiQuantum proposed the build in November 2022, and its ultimately successful Brisbane plan — backed by… Read more »
PsiQuantum, the US startup with Australian cofounders, has raised a gobsmacking US$1 billion (A$1.5bn) in a round that’s more than doubled its valuation in four years to US$7bn (A$10.5bn). The California startup, founded in Palo Alto in 2015 by expat Australian professors Jeremy O’Brien, Terry Rudolph, Mark Thompson and Dr Pete Shadbolt, hopes to build… Read more »
Australian quantum computing startup Diraq is heading to Chicago, having signed an agreement to set up in the Illinois Quantum and Microelectronics Park (IQMP) where it will join the likes of PsiQuantum and other deep tech firms. Diraq was spun out of the University of New South Wales by CEO and founder Professor Andrew Dzurak.… Read more »
PsiQuantum, the US quantum computing startup backed by $940 million in Australian and Queensland government funding, is reportedly looking to raise at least US$750 million (A$1.19 billion). Reuters reports that the raise is underway at a US$6 billion (A$9.5bn) pre-money valuation, according to sources, with US investor BlackRock leading the fundraising effort The California startup founded… Read more »
American quantum computing startup PsiQuantum announced that it has cracked a significant puzzle on the road to making the technology useful: manufacturing quantum chips in useful quantities. PsiQuantum burst out of “stealth mode” in 2021 with a blockbuster funding announcement. It followed up with two more last year. The company uses so-called “photonic” quantum computing,… Read more »
A quantum computing innovation developed by researchers at the University of Sydney is being used in Google’s latest quantum chip, called Willow. The processor, which was unveiled by the tech giant in December, utilises a breakthrough in error correction which can improve the performance of quantum devices. The technology was formally detailed in 2021 when… Read more »
An independent review is underway into “lessons learned” from the process enabling a $940 million deal for US firm PsiQuantum to attempt to build the world’s first utility-scale quantum computer in Brisbane, as well as how potential conflicts of interest were managed, newly tabled documents reveal. The documents, released to the Senate late last year,… Read more »
Australia may get the world’s first quantum computer by 2027, but within 12 months, PsiQuantum plans to build a second one in Chicago after scoring another massive government funding deal. The California startup’s latest cash injection of US$500 million (A$760m) over 30 years, funded by the Illinois government, Cook County, and the City of Chicago… Read more »
The federal and Queensland governments have officially signed the near-$1 billion contract with US firm PsiQuantum, as newly released documents shed some light on the process leading up to the major deal. It was announced earlier this year that the federal and Queensland governments would be inking a $940 million deal with PsiQuantum for the American firm… Read more »
We now know how much the federal government is spending to bring PsiQuantum, the California-based quantum computing company with Australian founders, to Brisbane. Well, almost. The budget says $466.4 million in equity and loans from Export Finance Australia on the National Interest Account. And it seems that a fair slab is a loan “estimated to exceed… Read more »
The federal and Queensland governments have put the house on a US quantum startup over local rivals in a financial package worth $940 million (US$620m) to build a quantum computer in Brisbane. PsiQuantum was founded in Palo Alto, California in 2015 by expat Australian professors Jeremy O’Brien, Terry Rudolph, Mark Thompson and Dr Pete Shadbolt.… Read more »
Daily startup news and insights, delivered to your inbox.
