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NSW Bolsters Quantum Ecosystem With $7 Million Commercialization Fund

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Insider Brief

  • NSW government announced a new $7 million Quantum Computing Commercialisation Fund
  • Fund would support companies with quantum computing hardware or software within Technology Readiness Level 3 – 7.
  • Critical Quote: “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.”

PRESS RELEASE — Quantum computing startups and deep-tech companies will be supported to  advance their innovations through the NSW 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 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,” Mr 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.”

NSW Chief Scientist & 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,” 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.”

Further information, including guidelines and an online application form, can be found at the Quantum Computing Commercialisation Fund L.

Applications close at 10am AEDT 2 February 2023.

For more market insights, check out our latest quantum computing news here.

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Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Picture of Jake Vikoren

Jake Vikoren

Company Speaker

Picture of Deep Prasad

Deep Prasad

Company Speaker

Picture of Araceli Venegas

Araceli Venegas

Company Speaker

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