Australia’s National Reconstruction Fund announced a $13 million investment into Quantum Brilliance to build Australia’s first quantum diamond foundry.
Why would the Australian government cut a cheque to invest in synthetic diamonds?
They are needed to propel the quantum computing industry forward – a sector projected to be worth $6 billion to Australia by 2045.
Synthetic diamonds are required to build quantum accelerators capable of operation in many scenarios, including in rooms where the temperature is above zero degrees. Mainframe quantum computers on the other hand, require strict temperature controls, complex laser systems, or vacuums to operate.
The National Reconstruction Fund, a division of the federal government announced it is investing $13 million into an Australian-German quantum company this week. The Quantum Brilliance ‘secret sauce’ is that it is “one of only a few companies worldwide already able to deliver quantum computing systems for customers to operate on-site today,” according to a company statement.
The investment will be used to build a synthetic diamond ‘foundry’ and has the potential to catapult the industry forward, according to the Commonwealth government.
Quantum Brilliance was spun out of the diamond quantum science research group at the Australian National University in 2019. The company is headquartered in Canberra, and lead by co-founders Dr Andrew Horsley, Marcus Doherty and CEO Mark Luo.
Breakthrough Victoria also announced it is investing in Quantum Brilliance.
“Specialising in the design, fabrication and manufacturing of small diamond quantum devices, QB’s technology holds the promise of revolutionising fields like medicine, materials science, and artificial intelligence,” a statement from Breakthrough Victoria reads.
The state government organisation is looking to make Victoria a hotbed of quantum diamond technology.
“A follow-on investment of $10 million from Breakthrough Victoria in quantum technology company Quantum Brilliance will see Victoria become a global hub to position Australia as the world leader in mass deployable quantum diamond devices enabled by the creation of the world’s leading quantum diamond foundry.”
Deep Tech VC investment
Main Sequence co-led the USD$10m seed investment into Quantum Brilliance in 2021. The CSIRO-affiliated Australian deep tech-focused VC firm says it is willing to invest ‘patiently’ in innovative companies, and that quantum diamond technologies are a key component of quantum computing.
“We’re not just funding the future; we’re shaping it and deep tech requires patient capital,” a Main Sequence statement reads. “Patient capital and government support are crucial for fostering innovation in deep tech.”
The Australian Tech Council also welcomes the latest round of investment in Quantum Brilliance.
“We are strong advocates for greater investment in our local quantum tech ecosystem. Earlier this year, the Tech Council called for more direct funding across Australia’s quantum businesses to compete with high levels of investment from competitor countries,” says Tech Council CEO Damian Kassabgi.
“Quantum Brilliance is an exciting Australian success story with an opportunity to deliver small, mass-deployable quantum devices to the global market,” says Kassabgi.
“It shows what our quantum industry is capable of when companies in key strategic sectors are supported by government, and have access to the funding and investment they need to scale.”
The Tech Council released a report in October calling for increased tech investment by the Australian government.
“Higher levels of tech investment would deliver substantial benefits to the Australian economy. Lifting tech investment to 4.6 per cent in the medium scenario modelled would contribute an additional $39 billion to GDP from productivity gains in 2035. Going further to lift tech investment to 6.9 per cent would contribute an additional $167 billion to GDP by 2035,” the report reads.
Previous federal funding into Quantum
The funding comes on the back of the Australian and Queensland government’s contentious joint billion-dollar investment in a PsiQuantum facility in Brisbane.
The NRFC states that its purpose is to ‘facilitate increased flows of finance into priority areas of the Australian economy.’ It was established by the Australian government under the National Reconstruction Fund Corporation Act 2023.
The 2024 State of Australian Quantum Report states that quantum technology will have a social, economic and strategic impact. By 2045, the $6 billion industry is projected to employ almost 20,000 people in Australia.
“Quantum technologies have important national security applications, and advances in computing and sensing could promote step-changes in a range of areas that impact the lives of all Australians,” the 2024 State of Quantum report reads.
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