Landon in the Loop
Posts
📫 Largest Quantum Computer Lands in Chicago

📫 Largest Quantum Computer Lands in Chicago

AND Tech Events in Chicago

Landon Campbell
July 29, 2024

69th Edition

✍🏽 This Week’s Lineup:

📫 Largest Quantum Computer Lands in Chicago

📊 Chart of the Week

📆 Events Around the City

🔙 Previous Editions of the Driver’s Seat

🔙 Highlights of Last Week

TechChicago Week 2024 was a great success, and our team at Drive Capital was thrilled to host five events over five days at our office.

Here are some highlights:

Monday

We kicked off the week with "Pre-Seed Between the Coasts," co-hosted with our friends at Cooley, Matchstick Ventures, and LongJump. The event was packed with founders and investors, discussing the current landscape of early-stage investing. 👇🏽

A key takeaway for founders was the importance of transparency in fundraising. During initial discussions, founders should ask investors about their process, next steps, and how they support their portfolio companies. Founders should always feel empowered to conduct their own diligence on potential investors. 👇🏽

Tuesday

On Tuesday, we partnered with Brex and Wilson Sonsini to host the 10th AI Tinkerers Meetup. The event featured two builders showcasing their projects on our projector and fireside chats with Dom Scandinaro from Cameo and Michelangelo D'Agostino from Tegus. 👇🏽

One of the most insightful moments from the fireside chats focused on the technical talent in Chicago. Unlike the coasts, where talent is expensive and engineers frequently change jobs, Chicago offers a different environment. Companies with momentum in Chicago attract top talent, benefit from more affordable salaries, and enjoy greater employee loyalty. 👇🏽

Wednesday

Wednesday morning featured a panel discussion on accelerating the flow of capital in the Midwest, where I was joined by Desiree Vargas Wrigley, Ray Leach, Derek Batts, and Joe Aguilar. The discussion highlighted the importance of increasing early-stage investment and leveraging existing capital in the region. 👇🏽

In the afternoon, we hosted leading scientists, engineers, and researchers for our Deep Tech Kickoff, bringing together experts in quantum, biotech, AI, and robotics to discuss the future of these industries in Chicago. 👇🏽

Thursday

On Thursday, we welcomed top Product Managers and CTOs for our second Product Invitational with ZoCo Design. The event included small round-robin discussions and interactive working sessions, fostering collaboration and innovation. 👇🏽

Friday

We concluded the week with the Architect Health Innovation Breakfast Panel, focusing on digital health, preventive care, and value-based care. The panel featured Ryan Fukushima, Rushil Desai, Maureen Sullivan, Brian Whorley, and Anil Saldanha. 👇🏽

📫 Largest Quantum Computer Lands in Chicago

Last week we wrote about DARPA’s recent $140m investment into a futuristic quantum campus in Chicago.

This week, we can confirm where the world’s first useful quantum computer will be located on the South Side:

Say Hi to Psi

PsiQuantum will become the anchor tenant for the new quantum and microelectronics park coming to a former steel site in Chicago.
The plan is to build and operate a 300,000 square-foot facility that will house the first full-scale quantum computer in the US, which will aid in creating life-saving drugs and green energy solutions.
As part of the deal, a minimum of $1B from PsiQuantum will go towards building this plant, which will create more than 154 full-time jobs within 5 years.

Governor Pritzker's Vision

Governor Pritzker highlighted that PsiQuantum’s choice of Chicago reinforces the city’s status as a global hub for quantum computing.
Our state aims to position itself as a leader in various new technologies, from electric vehicles to quantum computing, securing significant investments from companies like Gotion High-tech Co. and Rivian Automotive Inc.
Illinois' quantum budget includes $500m, with PsiQuantum receiving $200m to build a cryogenic cooling plant to support its operations.

The Significance of Chicago

The Illinois Quantum and Microelectronics Park will integrate Illinois' quantum ecosystem, including UIUC, the University of Chicago, Argonne and Fermilab, and DARPA.

The utility-scale quantum computer will use one million qubits to solve complex computational problems beyond the reach of conventional computers, benefiting industries like agriculture, pharmaceuticals, energy, and finance.

Add this to the list of why Chicago / Illinois will be a major hub for quantum:
- Illinois leads in federal quantum $.
- Chicago ranks #3 for universities with quantum programs and #2 for quantum PhD completions.
- Illinois has the 2nd most quantum VC deals.
— Landon (@landon20s)
7:32 PM • Jul 16, 2024

📊 Chart of the Week

Chicago is a top city for affordable electricity prices compared to the national average.

Chicago households paid 16.8 cents per kilowatt hour in June 2024, marking a modest 1% increase from June 2023. In contrast, cities like SF experienced a significant 27% YoY increase.

Chicago's electricity price in June 2024 was 6% lower than the national average of 17.8 cents per kilowatt hour, largely due to the substantial contribution from the state's ten nuclear reactors, which generate approximately 54% of Illinois' electricity.