Australia’s quantum leap: $20m boost for homegrown firm
Drug discoveries and engineering breakthroughs may be one step closer after an Australian start-up secured $20 million to support quantum computing ambitions.
The National Reconstruction Fund on Tuesday announced its investment in Sydney-based IT firm Diraq; The organization said the move could further help Australia lead the world in quantum innovation.
The announcement follows multimillion-dollar government investments in PsiQuantum in Brisbane and Quantum Brilliance in Melbourne, and after the CSIRO found the technology could generate almost $6 billion in Australia by 2045.
Quantum computing is an emerging industry that uses quantum mechanics to tackle complex calculations that might take supercomputers years to solve.
Australia has been supporting quantum innovation for the past two decades, and National Reconstruction Fund chief executive David Gall said further investment was vital to ensure the country played a role in global development.
“It’s very important for us and our investment mandate to see the quantum computing potential in Australia realized,” he told AAP.
“Australia has become a true leader in quantum and quantum technologies and Diraq is a great example of this.”
The Sydney-based company, which employs 60 people, was spun out of the University of NSW and is building quantum computers that use modified computer chips, potentially reducing the typical cost and size of the technology.
Mr Gall said the fund’s equity investment would support local manufacturing.
“This enables companies like Diraq to have the ability to commercialize and scale here in Australia,” he said.
“We not only want to have innovation here in Australia, but we also want to be able to reap the commercial benefits of this great talent being brought to life in Australia.”
Diraq founder and CEO Andrew Dzurak said the company has raised more than $100 million since its launch in 2022, and the latest investment will allow it to expand its local team.
“Australia has one of the highest talent pools in quantum computing anywhere in the world,” he said.
“As well as providing Australians with higher-paying, exciting jobs, we will be able to create more career paths for our students.”
Mr Dzurak said the company plans to launch its first quantum computing product in early 2029, and assembly of the product will take place in Sydney.
The technology can be used to aid medical breakthroughs, accelerate drug trials, develop financial models, and identify new materials for the transportation industry, among other uses.
“Quantum computers can penetrate areas that even the most advanced artificial intelligence cannot reach,” he said.
“The ability to quickly find drugs and reduce time and cost to market is one of the most exciting possibilities of quantum computing.”
According to the CSIRO report, quantum computing products could generate $2.2 billion and support 8700 jobs in Australia by 2030, and $5.9 billion and support 19,400 jobs by 2045.
