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PsiQuantum Raising $750 Million to Advance Quantum Computing Technology

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PsiQuantum, a quantum computing startup, is in the process of raising at least $750 million at a $6 billion pre-money valuation, as reported by sources familiar with the matter. BlackRock is reportedly leading the fundraising initiative, which has not yet been finalized.

The company distinguishes itself from other quantum computing startups by modifying traditional manufacturing techniques from the semiconductor industry, using existing photonics technology. This technology, commonly used for fiber-optic communications, is being applied at a factory operated by GlobalFoundries in New York. PsiQuantum aims to produce millions of quantum chips, with plans to scale production significantly, a process that requires substantial investment.

Quantum computing is poised to solve problems that would be impossible for conventional computers, such as simulating molecular interactions and predicting material behaviors. This technology holds the potential to revolutionize fields like battery development and drug discovery. Major tech companies, including Alphabet’s Google, Microsoft, and Amazon, are also pursuing quantum computing, with Nvidia recently announcing plans for a quantum computing research center in Boston.

PsiQuantum has partnerships with the U.S. and Australian governments to build quantum computers in Chicago and Brisbane, respectively. Despite the long-standing history of quantum computing, advancements have only recently been made in reducing errors and improving chip reliability. PsiQuantum aims to have a functional quantum machine by 2029, a goal echoed by Google, which predicts useful quantum applications within the next five years.

BuildOps Raises $127 Million, Reaches $1 Billion Valuation Amid Strong Demand for AI Software

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BuildOps, a provider of AI-powered software solutions for commercial contractors, announced on Friday that it has raised $127 million in a Series C funding round, bringing its valuation to $1 billion. This round was led by Meritech Capital Partners, with participation from new investors such as Schneider Electric’s SE Ventures and BOND Capital, as well as existing investors Fika Ventures and Next47.

The company, which has seen tremendous growth, offers a consolidated platform that helps contractors manage accounts, customer relationships, and operations. BuildOps has benefited from the rise of AI technology, which allows contractors to gain insights into their operations, enabling them to proactively manage costs and avoid costly project overruns.

“We’re giving the modern contractor access to data and insights to predict issues like cost overruns before they happen,” said John Laino, Chief Operating Officer. “This proactive approach is a game-changer compared to the traditional method, where contractors would only find out about issues months into a project.”

BuildOps has been growing at a rate of 100% annually and expects this rapid growth to continue in the near term. CEO Alok Chanani emphasized that while the company is not focused on profitability at this stage, its priority is scaling its operations and investing in research and development.

Looking ahead, Chanani mentioned that going public is part of BuildOps’ long-term strategy, but no timeline was specified. Additionally, the company plans to pursue strategic acquisitions, as evidenced by its 2023 purchase of PWSWARE, the parent company of Perfectware Solutions, to expand its capabilities.

Baidu Denies Data Breach Amid Controversy Over Executive’s Daughter

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Baidu, one of China’s largest search and cloud service providers, has denied allegations of an internal data breach after the teenage daughter of a senior executive was accused of posting personal information online. The controversy erupted when social media users alleged that the daughter of Baidu vice president Xie Guangjun had leaked private details, including phone numbers, during an online dispute.

In response, Baidu stated that neither employees nor executives have access to user data and that the leaked information originated from illegally obtained databases hosted on foreign platforms. The company also announced that it had filed a police report to counter misinformation, including claims that Xie’s daughter had access to Baidu’s databases.

Xie, a member of Baidu’s cloud division, apologized for his daughter’s actions, asserting that she had acquired the data from overseas social media sites. His statement, reported by Chinese media, was shared on his personal WeChat account.

The incident comes as China tightens data security laws to curb the sale of private information, an issue exacerbated by illicit data brokers. The controversy has impacted Baidu’s stock performance, with shares dropping over 4% in Hong Kong trading on Thursday morning.