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Thursday, Feb 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Canada

Government of Canada invests $40 million into quantum computing tech firm

The pricetag attached is $177.8 million and it’s expected to create 530 new positions in the quantum computing field

Image via Xanadu.

Prime Minister of Canada, Justin Trudeau, announced his government is investing $40 million into Xanadu Quantum Technologies today.

The investment will be to build and commercialize a photonic-based fault-tolerant quantum computer. This device will be able to provide assistance into complex data problems, and be a boon to a variety of sectors, including finance, transportation, environmental modelling and healthcare.

“Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as health care, finance, and climate sciences, this sector expands the realm of possibility,” said Trudeau.

Read more: Altair invests $10 million in photonic chip producer

Read more: Raytheon Technologies demonstrates command and control tech for U.S. Army

Quantum science to create over 200,000 jobs by 2045

Xanadu is a Toronto-based Canadian quantum computing company. It’s become one of the world’s leading quantum hardware and software companies. Additionally, its flagship product is an open source software library for quantum computing and applications called PennyLane. The company is also a contributor to Canada’s innovation ecosystem and has committed to the continual support of innovation, growth and research and development.

Quantum science has provided society with technologies such as the laser and the semiconductor.

This development is supported by the government’s Strategic Innovation Fund. The total pricetag attached to the government’s investment into quantum computing is $177.8 million and it’s expected to create 530 new positions. Additionally, industry will be worth $139 billion by 2045, and be responsible for the creation of 200,000 jobs, according to a study from the National Research Council in 2020.

The Government of Canada launched its National Quantum Strategy earlier this month. This strategy will invest $360 million to help position Canada has a global leader in this technology. This is in addition to the over $1 billion the government has invested in research and science. Additionally, the government has invested in bringing quantum tech to the Canadian and global markets. Subsequently, these include investments through the Strategic Innovation Fund and the National Research Council of Canada’s Industrial Research Assistance Program.

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