Insider Brief
- Canada will invest $40 million to enable the Toronto-based Canadian quantum computing company Xanadu Quantum Technologies Inc.
- Xanadu’s goal is to build and commercialize the world’s first photonic-based, fault-tolerant quantum computer.
- Critical Quote: “Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as health care, finance, and climate sciences, this sector expands the realm of possibility.” Canadian Prime Minister Justin Trudeau.
PRESS RELEASE — Canada’s Prime Minister Justin Trudeau announced a new federal investment of $40 million to enable the Toronto-based Canadian quantum computing company Xanadu Quantum Technologies Inc. to build and commercialize the world’s first photonic-based, fault-tolerant quantum computer. Once developed, this computer will have the potential to provide world leading capabilities to help solve complex data problems and could be used in a variety of sectors such as finance, transportation, environmental modelling and health.
“Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as health care, finance, and climate sciences, this sector expands the realm of possibility,” said Trudeau. “Today’s announcement is great news for Canadian workers and businesses. This investment will bring good jobs, spur economic growth, boost innovation, and solidify Canada as a world leader in quantum technology.”
Quantum technologies are at the leading edge of science and innovation. As Canadian researchers, workers and businesses continue to demonstrate leadership on the world stage in innovating and developing quantum technologies, we have the potential to transform how we work and live in Canada and around the world – in areas from fighting climate change to making advancements in health care. The Government of Canada will continue to support Canadian companies to help them keep growing and staying competitive, while driving economic growth and creating highly skilled and well-paying jobs for Canadians.
François-Philippe Champagne, Minister of Innovation, Science and Industry, said: “Quantum technologies will set the course of the future and thanks to companies like Xanadu, Canada is at the forefront ready to lead. With today’s announcement, our government is strengthening Canada’s position in quantum technology and helping to create more economic growth and good jobs for Canadians. We’ll continue to build this sector through our National Quantum Strategy and support made-in-Canada technology so Canada remains a world leader for decades to come.”
Supported through the government’s Strategic Innovation Fund, this $177.8 million project is expected to create 530 new highly skilled positions in the high-tech and quantum computing fields.
Home to some of the world’s largest quantum tech hubs, Canada is well positioned to become a global leader in the developing quantum sector, which will create new opportunities for Canadians and Canadian businesses. The Government of Canada will continue to invest in innovative companies to grow the economy and create highly skilled and well-paying jobs for Canadians.
“The government’s continued investment in quantum technologies has been invaluable to our success,” said Christian Weedbrook, Founder and CEO, Xanadu. “We are proud to be a Canadian company and, with this investment, are excited to enter the next phase in our mission to build quantum computers that are useful and available to people everywhere.”
For more market insights, check out our latest quantum computing news here.
