Manufacturing News

New fund to bolster NSW’s quantum computing future

Quantum computing startups and deep-tech companies can advance their innovations through NSW's new $7 million Quantum Computing Commercialisation Fund.

Quantum computing startups and deep technology companies will be supported to advance their innovations through the New South Wales Government’s new $7 million Quantum Computing Commercialisation Fund.

Minister for science, innovation and technology Alister Henskens said NSW’s quantum ecosystem is uniquely placed to be a global leader of quantum technologies.

“Thanks to the NSW Liberal and Nationals Government’s strategic investment over the past decade, NSW is leading the nation in quantum research and development, boasting world-leading companies such as Silicon Quantum Computing, Diraq and Q-CTRL,” Henskens said.

“Our 20-Year R&D Roadmap recently identified our world class quantum ecosystem as an area of competitive advantage, and we want to help our State flourish in this area to create new jobs and industries which will grow the economy and help secure a brighter future for the people of NSW.

“This fund will target both startups and existing deep-tech companies to ensure that innovative projects are accelerated towards commercialising quantum computing, maintaining our momentum and reinforcing NSW’s position as a global quantum centre of excellence.”

The NSW 20-Year R&D Roadmap sets out a 20-year vision for NSW to produce more world-leading new technologies, products and services, and develop and sustain globally competitive advantages and future industries that improve productivity, standards of living, quality of life, and the natural environment.

NSW chief scientist and engineer professor Hugh Durrant-Whyte said the fund would  support companies with quantum computing hardware or software within Technology Readiness Level 3 – 7, to help them develop their technology and attract large-scale private investment.

“The quantum technology industry has the potential to generate up to $4 billion in revenue and create 16,000 jobs by 2040,” Durrant-Whyte said.

“Quantum technology is already revolutionising many aspects of our society and economy, including transport, health care, financial services, defence, weather modelling and cybersecurity.”

Further information, including guidelines and an online application form for the fund can be found online here.

Applications close at 10 am AEDT 2 February 2023.

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