PsiQuantum raised $450M in a Series D funding round led by BlackRock, Temasek, Microsoft, and Baillie Gifford to build a one-million-qubit, commercially viable quantum machine. This latest round of funding brings PsiQuantum’s valuation to $3.15B.
Notably, PsiQuantum is partnered with GlobalFoundries, a California-based semiconductor and silicon photonics manufacturing giant rumored to be on Intel’s acquisition list (valuing GlobalFoundries at $30B). PsiQuantum’s partnership with GlobalFoundries provides further evidence that a commercial quantum machine has evolved far past its origins as scientific theory; it may soon become a mass-produced, silicon-bound reality.
Quantum technologies are already reshaping the business world as we know it. Vast funds have and continue to change hands as the quantum ecosystem has expanded over the past decade, entangling “sci-fi” startups and research universities as well as leading professional services and financial services firms.
Multiple leading financial services firms (including Allianz, AXA, Goldman Sachs, JPMorgan Chase, Mastercard, Progressive Insurance, Visa, and Wells Fargo) have made significant investments in quantum research over the past few years. It should come as no surprise that quantum technologies are expected to generate as much as $850B in annual business value within the next twenty years.
Insurer CIOs, CISOs, and CTOs looking to catch the quantum wave should begin efforts to incorporate a multi-pronged quantum strategy into their near-term IT roadmaps. Given the looming threat of ransomware attacks and cyberattacks from quantum machines, insurers should consider exploring quantum security vendor offerings to future-proof enterprise and policyholder data.
Increasingly, quantum vendors are developing products designed for banking and insurance. Multiple companies offer meaningful speedups of Monte Carlo methods and similar algorithms. Quantum’s promising applications in finance, including better reserving, fraud detection, and portfolio optimization, could mean that insurers that explore and adopt quantum early will stand to benefit from a competitive, market-share-determining edge over their peers.
Read the full report, Quantum Technology and Insurance, for an in-depth look at quantum theory, key vendors, financial services applications, and actionable recommendations for insurers exploring quantum strategies.
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