top of page

The Global Push for Quantum Computing Funding: A Race for Technological Dominance

Updated: Mar 24, 2023

Introduction

The recent influx of funding for quantum computing startups underlines the urgent need for investment in this cutting-edge technology. With the potential to revolutionize industries such as cryptography, materials science, and drug discovery, quantum computing has sparked a global race for technological leadership. Governments, startups, and established companies are working together to advance this technology, driving innovation and unlocking its transformative power across industries.



Quantum Computing Funding Surge

As reported by Gil Press in Forbes1, Sydney-based quantum computing startup Q-CTRL announced a $27.4 million series B extension, bringing its total Series B funding to $52.4 million. This follows similar announcements from Israeli startup Quantum Machines, Paris-based PASQAL, and UK-based Oxford Ionics. Government funding is also playing a significant role, with Canada's Prime Minister Justin Trudeau announcing a $40 million investment in Xanadu Quantum Technologies Inc. Global research and consulting firm GQI reported more than $55 billion in state-sponsored research and development initiatives worldwide.

Regional Quantum Computing Hubs

Various regions are investing heavily in quantum computing research and development, including North America, China, Australia, Japan, India, Israel, and Europe. According to GQI1, China currently leads in depth and funding, with the European continent—led by the UK, France, and Germany—claiming a top spot due to its resources and strength in basic research and science.

In the United States, the Biden administration has doubled the budget for quantum information science (QIS) research and development from $900 million in fiscal 2019 to roughly $1.8 billion in fiscal 20222. This funding supports activities related to the National Quantum Initiative Act2, which aims to advance QIS in areas such as quantum sensing, computing, networking, and isotope production.



Growing Quantum Clusters and Collaboration

Australia is also making strides in quantum computing, with a growing cluster involving government agencies, universities, established companies, and startups. The Australian government is providing $4 million for up to 20 PhDs in quantum research, and over 17 quantum-related companies in the country have received a combined funding of over $400 million for developing hardware, software, and consulting services1.

This global push for quantum computing funding demonstrates the importance of a collaborative approach to advance this technology. As governments, startups, and established companies work together, the world will move closer to realizing the full potential of quantum computing and unlocking its transformative power across industries.

Conclusion

The race for quantum computing dominance is driving unprecedented levels of funding and collaboration across the globe. By pooling resources and expertise, the world can unlock the transformative power of quantum computing and revolutionize a wide range of industries.

Keywords: quantum computing, funding, global race, technology, innovation, collaboration, QIS, research, development

Citations

  1. Press, G. (2023, January 31). New Funding For Quantum Computing Accelerates Worldwide. Forbes. https://www.forbes.com/sites/gilpress/2023/01/31/new-funding-for-quantum-computing-accelerates-worldwide/ ↩2 ↩3

  2. Gross, N. (2022). Where Is Quantum Technology Going in the Federal Government? FedTech Magazine. [https://fedtechmagazine.com/article/2022/10/where-quantum-technology-going-federal-government](https://fedtechmagazine.com/article/2022/10/where-quant ↩2

5 views0 comments

Comments

Rated 0 out of 5 stars.
No ratings yet

Add a rating
bottom of page