PsiQuantum Receives $940 Million (AUD) From Australian Government

Is PsiQuantum even a "National Champion" or Local startup of Australia?

Hello Everyone,

This Nationalization of emerging tech champions is getting a little bit strange and possibly dystopian. One of the best funded Quantum computing firms just was able to get even more funding by appealing to the Australian Government.

I believe this makes PsiQuantum the best funded private independent Quantum related firm outside of China. In an age where countries are racing to own their own Generative AI models and Quantum computers, National defense concerns is converging with an more protectionist and nation-state stance in a post geopolitical uncertain conflict world.

Don’t get me wrong, Australia per capita is one of the most innovative in Quantum startups and quantum innovation, but this isn’t exactly a meritocratic move and PsiQuantum’s tech is mostly unproven. If this was a great company, it would have gone public already like IonQ has (with very little real world revenue we have got to mention).

This Government funding to keep things local is very suspect. Certainly Australian researchers have done pioneering work on quantum computers, and government policy has emphasized cashing in on that work by ensuring that businesses built on Australian innovation have significant local presences.

Which is why Australia's federal government, and the state of Queensland, yesterday pledged AU$940 million ($620 million) to support a startup called PsiQuantum so it can build what's been described as "the world’s first utility-scale quantum computer. The thing is, PsiQuantum is not local, it’s mostly in California.

PsiQuantum is Practically still in Stealth Mode after $1.3 Billion in Funding

PsiQuantum says the investment makes it the most heavily-funded quantum computing startup in the world, with $1.3 billion raised since it was founded in 2016. Other investors include Founders Fund, Playground Global and Redpoint Ventures.