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Quantum Computing

Canada Wants To Be A Leader In Quantum Computing

February 26, 2024
x min read

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:

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

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