PsiQuantum had previously raised funding from Temasek, Microsoft Corp, Blackrock and Australian VC BlackBird. The last reported round was back in July 2021 with US$450 million raised in a Series D round, valuing the company at US$3.15 billion then.
In this latest round, Australia's Federal and Queensland state governments will contribute A$470 million each.
According to PsiQuantum, its first utility-scale system will be in the region of 1 million physical qubits and hyperscale in footprint with a modular architecture that can leverage existing cryogenic cooling technologies.
“A utility-scale quantum computer represents an opportunity to construct a new, practical foundation of computational infrastructure and in so doing ignite the next industrial revolution,” says Prof Jeremy O’Brien, PsiQuantum's CEO.
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“This platform will help solve today’s impossible problems and will serve as a tool to design the solutions we so desperately need to safeguard our future," adds O'Brien, who calls this investment by Australia a "massive step forward" for the company.
PsiQuantum chief business officer Stratton Sclavo says the company is already working with leading companies in pharmaceuticals, semiconductor manufacturing, aerospace, chemicals, and financial services to deploy so-called fault-tolerant quantum applications.
Russell Tham, Temasek's head of emerging technologies believes that investing in next-generation technologies such as quantum computing will help play a "catalytic" role in spurring science-based innovation and creating economic value for wider society.
"This form of computing at utility-scale, that can operate without errors, will unleash a new wave of innovation in material science, drug discovery, logistics and many other fields.
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"This could include a previously unattainable category of computer-generated data for AI training," says Tham, who has helped Temasek investment in other fields such as nuclear fusion, chip testing and nanotechnologies.
"PsiQuantum has made impressive progress towards utility-scale quantum computing. We look forward to working with PsiQuantum as it expands globally,” he adds.
As described by the Australian Financial Review, this latest hefty investment by the government is part of Prime Minister Anthony Albanese's FutureMade in Australia policy.
Significant commitments made at the federal level included A$1 billion set aside to set up a solar panel-making industry and $1.5 billion for critical minerals projects.
“We need to make bold investments today if we want to see a Future Made in Australia,” says Albanese in a statement.
