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Update on “Breakthrough Victoria invests A$29 million in ColdQuanta for Australian initiative”

By Dan O'Shea posted 03 Nov 2022

UPDATE: 11/1/2022: The investment discussed below has turned out to be part of a much larger $110 million funding round for ColdQuanta, announced on Nov. 1, and led by LCP Quantum, along with In-Q-Tel, Sumitomo and other investors, in addition to Breakthrough Victoria.

Breakthrough Victoria, which manages a $2 billion investment fund for the Victorian government in Australia, will invest A$29 million (US$18.7 million) in Boulder, Colorado-based quantum firm ColdQuanta. 

The investment will help establish an Asia-Pacific quantum computing and technology facility at Swinburne University of Technology that will be known as the ColdQuanta–Swinburne Quantum Technology Centre, according to a statement.

The collaboration between the two parties builds on shared expertise in cold atom science, and will allow ColdQuanta and the university, while also enabling them to develop programs through a Quantum Workforce Development Initiative to educate and train a new quantum workforce, the statement said.

The investment also will fund advanced manufacturing capability with the potential local production of glass cells used in the cold atom method to support the miniaturization of quantum technology, as well as advanced manufacturing capability expansion in photonics development and miniaturization. 

Australia’s national science agency, CSIRO, estimated Australia’s quantum technology industry has the potential to support 19,000 new jobs and generate $6 billion annual revenue by 2045. Australia has been home to many quantum technology innovations and important research, and the country has made a concerted effort to keep pace with other world leaders in quantum investment.

ColdQuanta CEO Scott Faris said, “Victoria’s investment in quantum will drive economic growth and ultimately a competitive advantage for Australia. Building this Centre will attract new opportunities to Victoria and bring the expertise needed to leverage quantum technology to its fullest extent… This partnership is an important milestone for ColdQuanta as it further expands our global presence and recognizes the technical leadership of our hardware and software products.”

Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.

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