It is receiving a major funding boost of $836 million from the Australian government.
SINGAPORE - A Temasek-backed company, PsiQuantum, is receiving a major funding boost of A$940 million from the Australian government as it competes to build the world’s first commercially useful quantum computer.
PsiQuantum co-founder and chief executive officer Jeremy O’Brien said the effort represents an opportunity to construct a new, practical foundation of computational infrastructure and ignite the next industrial revolution. While current computers use silicon chips, quantum computers use “qubits”, in which elementary particles like electrons can exist simultaneously in more than one state, allowing these computers to make many calculations in parallel, and thereby be faster than classical computers.
In 2021, Temasek, BlackRock, Microsoft and other investors pumped some US$450 million into PsiQuantum.
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