The quantum computing revolution is here. And Canada wants to make sure they are at the forefront of it.
What’s happening:
- Ontario based quantum computing companies are set to receive $17.2M CAD from the Canadian government to accelerate their development
- The funding is part of Canada’s National Quantum Strategy which is set to commit $360M CAD to various startups and research projects to ensure Canada is on the leading edge of quantum computing
Why it matters:
- Quantum computing is one of the most important technologies of the future and the White House recently declared quantum computing to be a critical technology
- Canada is widely regarded as one of the leading countries globally for breakthroughs in both artificial intelligence and quantum computing
Who is making moves:
- Toronto based Xanadu will receive $3.75M CAD in new funding to further develop their quantum programming software
- Waterloo based High Q Technologies will receive $3.75M CAD in new funding to launch their technology into pharmaceutical opportunities to help find new breakthrough processes to develop medicines
Going deeper:
- The new funding from the Canadian government for Ontario based quantum computing companies will be structured as a repayable investment
- Canadian based startups focused on quantum computing have been seeing enormous interest from venture capital funds and technology giants, including Vancouver based quantum computing company Photonic notably emerging from stealth mode with a $100M USD funding round led by Microsoft
