Quantum Computing

NSW launches $7 million quantum computing commercialisation fund

- January 16, 2023 2 MIN READ
quantum chip
A quantum chip

Applications for a new $7 million Quantum Computing Commercialisation Fund launched by the NSW government are open for the next two weeks for applications. 

Grants of between $200,000 to $4 million are available for projects involving quantum computing hardware and/or software in NSW.

The program is being run through the office of the NSW Chief Scientist & Engineer, Professor Hugh Durrant-Whyte.

Funding can be used for:

  • prototyping and piloting studies
  • manufacturing and/or scaling
  • conducting market and product assessments
  • salaries and access to external expertise that is directly related to delivery of the project
  • commercialisation strategies and commercial feasibility studies
  • specialist equipment and/or infrastructure necessary to progress the project
  • intellectual property protection or advice

Prof Durrant-Whyte said the fund would  support companies with quantum computing hardware or software within Technology Readiness Level 3 – 7, to help them develop their technology and attract large-scale private investment.  

“The quantum technology industry has the potential to generate up to $4 billion in revenue and create 16,000 jobs by 2040,” he said.

“Quantum technology is already revolutionising many aspects of our society and economy, including transport, health care, financial services, defence, weather modelling and cybersecurity.”

The NSW and federal governments both have quantum on the technology roadmap as a key sector to back, and NSW opened Quantum Terminal at Tech Central last year

NSW minister for science, innovation and technology Alister Henskens said the local ecosystem is uniquely placed to be a global leader of quantum technologies.

“NSW is leading the nation in quantum research and development, boasting world-leading companies such as Silicon Quantum Computing, Diraq and Q-CTRL,” he said.

“Our 20-Year R&D Roadmap recently identified our world class quantum ecosystem as an area of competitive advantage, and we want to help our State flourish in this area to create new jobs and industries which will grow the economy and help secure a brighter future for the people of NSW. 

“This fund will target both startups and existing deep-tech companies to ensure that innovative projects are accelerated towards commercialising quantum computing, maintaining our momentum and reinforcing NSW’s position as a global quantum centre of excellence.”

Details including guidelines and the online application form  are available hereApplications close at 10am on February 2.

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