EDGE
Get a demo
Log In
  • home.svg
    Home
  • news.svg
    All updates
  • news.svg
    EDGE Insights
  • list.svg
    Industries
All Updates

All Updates

icon
Filter
Funding
Australia invests nearly AUD 1 billion in PsiQuantum and University of Sydney
Quantum Computing
Apr 29, 2024
Older updates:
Partnerships
PsiQuantum partners with MUFG and Mitsubishi Chemical for energy-efficient materials research
Quantum Computing
Jan 24, 2024
Partnerships
PsiQuantum and STFC’s Hartree Centre collaborate to develop fault-tolerant quantum computing in UK
Quantum Computing
Oct 5, 2023
Partnerships
PsiQuantum, Atom Computing, and Microsoft team up for DARPA program
Quantum Computing
Jan 31, 2023
Partnerships
‧
Funding
PsiQuantum secures USD 22.5 million contract from Air Force Research Lab
Quantum Computing
Oct 19, 2022
Product updates
PsiQuantum launches new subsidiary focused on climate change
Quantum Computing
May 25, 2022
Partnerships
PsiQuantum and QunaSys team up for quantum solutions
Quantum Computing
Dec 8, 2021
Funding
PsiQuantum raises USD 450 million in a Series D funding round
Quantum Computing
Jul 27, 2021
Quantum Computing

Quantum Computing

View industry hub
Apr 29, 2024

Australia invests nearly AUD 1 billion in PsiQuantum and University of Sydney

Funding

  • California-based quantum hardware company PsiQuantum has secured AUD 940 million (USD 620 million) from the Australian Commonwealth and Queensland Governments, with each contributing AUD 470 million. Simultaneously, the University of Sydney (UoS) also received AUD 18.4 million (USD 12.0 million) from the Australian Government.

  • The funds received by PsiQuantum—through a mix of equity, grants, and loans—will be used to establish the first utility-scale, fault-tolerant quantum computer in Australia. The computer will be located near Brisbane Airport and is expected to launch by the end of 2027.

  • The UoS funds will be directed toward establishing a new national quantum center called Quantum Australia. This center will bring together industrial players, academic experts, and research institutes to uplift the country's quantum ecosystem. 

  • The Australian federal funding comes as part of ​​the Government’s “Future Made in Australia” plan.

Contact us

Gain access to all industry hubs, market maps, research tools, and more
Get a demo
arrow
menuarrow

By using this site, you agree to allow SPEEDA Edge and our partners to use cookies for analytics and personalization. Visit our privacy policy for more information about our data collection practices.