The federal government’s $15 billion National Reconstruction Fund has made its second investment, taking a $13 million equity stake in Canberra startup Quantum Brilliance.
It follows $40 million for a mining tech manufacturer announced last month.
The National Reconstruction Fund Corporation (NRFC) funding is for QB to build Australia’s first quantum diamond foundry for its devices. It will also support the Research Hub for Diamond Quantum Materials the startup established with La Trobe University and RMIT University in 2022.
On top of that, existing backer Breakthrough Victoria, which previously invested $8 million, has tipped in another $10 million to ensure the quantum startup sets up in the state.
Quantum Brilliance (QB), founded in 2019, using research undertaken at Australian National University, is the world’s leading developer of miniaturised quantum computing products, using synthetic diamonds to produce smaller quantum chips that can operate at room temperature.
The NRFC investment is a top up of QB’s $26 million Series A, announced in February 2023. Existing investors include local VCs Investible, Jelix Ventures, CSIRO-backed Main Sequence and Rampersand.
The NSW government also awarded QB $1.44 million from its quantum commercialisation fund last year.
In September, the German government backed Quantum Brilliance as part of a $58 million plan to build the world’s first mobile mobile quantum computer, which they hope to have running by 2027.
Quantum Brilliance CEO and cofounder Mark Luo compared the potential of their technology to the runaway success of US AI chip maker Navidia.
“We are building a future where Australia leads the world in diamond quantum technology, much like NVIDIA has done in the AI industry,” he said.
“This capital partnership not only strengthens our leadership in the global quantum diamond value chain but also positions Australia to become a hub for mass deployable quantum diamond devices.”
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