Grants Innovation News

$7M to support NSW’s quantum computing industry

Eliza Sayon Jan 12, 2023

2 min read

A new $7 million Quantum Computing Commercialisation Fund from the NSW Government will be supporting the advancement of innovative technology for quantum computing startups and deep-tech companies.

Minister for Science, Innovation and Technology Alister Henskens said the NSW’s quantum ecosystem is uniquely placed to be a global leader in quantum technologies.

“Thanks to the NSW 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,” Minister Henskens said.

The NSW’s 20-Year R&D Roadmap identified the state’s world-class quantum ecosystem as an area of competitive advantage.

The 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 will improve productivity, standards of living, quality of life, and the natural environment.

Minister Henskens said that the NSW Government is providing support to flourish the ecosystem by creating new jobs and industries that will grow the state’s economy.

“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,” he said.

NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte said the Quantum Computing Commercialisation Fund would support local businesses with quantum computing hardware or software within Technology Readiness Level 3 – 7.

The fund is expected to help companies develop their technology while attracting large-scale private investment, bringing more innovation opportunities to the state.

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

Source: NSW Government media release. Content has been edited for style and length.

Eliza Sayon

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Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.