Friday Fundings: PsiQuantum, Fireblocks, and NotCo
Quantum Computing Startup Gets a $3.15 Billion Valuation
PsiQuantum, a startup focused on quantum computing, raised $450 million in venture funding led by BlackRock (BLK). The investment, which gives the company a valuation of $3.15 billion, comes at a time when investor interest in advanced computing is increasing.
PsiQuantum and its investors are betting that within the next 10 years, applications based on quantum computing will solve problems millions of times faster than today’s systems. They also believe that their technology will be able to solve problems that a supercomputer is not capable of solving today.
The Series D round of funding brings PsiQuantum’s total capital raised to $665 million since it launched in 2016. Proceeds from the round will be used to expand the company’s workforce and to construct a powerful quantum machine.
Digital Token Infrastructure Startup Raises $310 Million
Fireblocks, a digital token infrastructure startup, raised $310 million in venture funding led by
Sequoia Capital, Stripes, and Spark Capital. The Series D fundraising round gives Fireblock a valuation of $2.2 billion. In February, Fireblocks raised $133 million at a valuation of $700 million.
Fireblocks operates a platform which allows financial firms to manage their digital assets. Companies can store, transfer, and issue digital assets using Fireblocks. The startup has secured more than $1 trillion in digital assets for institutional investors. Proceeds from the fundraising round will be used to grow its engineering team and customer service staff. The company is also eyeing expansion into the Asia-Pacific region.
Plant-Based Food Company Raises $235 Million
NotCo, a startup developing plant-based food products, raised $235 million in venture funding led by Tiger Global. The Series D fundraising round gives the company a valuation of $1.5 billion. Investors in the round included athletes Lewis Hamilton and Roger Federer as well as the musician, DJ Questlove.
NotCo is making plant-based alternatives for milk and meat products. It is capitalizing on growing demand for healthy alternatives to meat-based proteins. The company raised over $350 million in total venture funding. Proceeds from the round will help the company enter the Mexican and Canadian markets and increase its market share in the US and Chile.
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