The Australian federal and Queensland state governments have announced an AUD940 million quantum computing investment in Queensland.
The joint funding, a package of equity, loans, and grants, will allow technology start-up PsiQuantum to establish its Asia-Pacific headquarters in Brisbane and build the world’s first fault-tolerant quantum computer in the city.
“A utility-scale quantum computer represents an opportunity to construct a new, practical foundation of computational infrastructure and ignite the next industrial revolution,” said PsiQuantum CEO Professor Jeremy O’Brien. “We’re thrilled to partner with the Australian and Queensland governments as our team at PsiQuantum takes a massive step forward in our mission to help deliver on the promise of quantum computing.”
The Australian Academy of Technological Sciences and Engineering (ATSE) said the funding will enable Australia to build on its early quantum computing success.
“ATSE’s response to the National Quantum Strategy called out the then-unmet need for the Australian Government to back the strategy with public funding,” said CEO Kylie Walker. “This investment in PsiQuantum and the research, technology and manufacturing industry that will grow around it will enable the Australian quantum industry to become an international leader.”
ATSE’s submission to the National Quantum Strategy said growing the Australian quantum industry requires supporting four interrelated areas: basic research, infrastructure, talent, and business activity.
The Queensland investment follows the Australian government providing AUD18.4 million to the University of Sydney to establish Quantum Australia to foster critical collaborations and encourage the creation and growth of quantum start-ups.
