I will have to disagree with you on the merits of the company (keeping in mind that this is just a press release, not a journal paper or pop-sci article). I work in this field, and personally, I am more excited about PsiQuantum than about Google's or IBM's transmon devices. If you would like to get the technical details, I would suggest checking their APS March Meeting conference talk (it is recorded and available online). They plan to use the "cluster state" model of quantum computation that has some significant advantages when scaling up (easier to scale up, even if difficult to produce the initial prototype). Check out "Why I am optimistic about the silicon-photonic route to quantum computing" by Terry Rudolph (2016) for more details.
Personally, I feel PsiQuantum is the only company that does not talk about nonsensical near-term quantum applications and quantum machine learning and quantum optimization and other questionable applications of quantum computing. They are pushing hard for the creation of actual quantum computers.
Edit: I am probably a bit biased, as a lot of my work does indeed involve photonic hardware.
Personally, I feel PsiQuantum is the only company that does not talk about nonsensical near-term quantum applications and quantum machine learning and quantum optimization and other questionable applications of quantum computing. They are pushing hard for the creation of actual quantum computers.
Edit: I am probably a bit biased, as a lot of my work does indeed involve photonic hardware.