Through a joint investment from the Australian federal government and the government of Queensland, PSI Quantum is set to become one of the world's largest specialized quantum computing firms. The Australian government's commitment of nearly A$1 billion underscores its entry into the competitive arena currently dominated by the US and China.

With PSI Quantum, co-founded by two Australian researchers and headquartered in the US, slated to receive A$470 million from both levels of government, totaling A$940 million, the company will establish and advance its quantum computing technologies in Brisbane, Australia [1].

Figure 1. Silicon Photonic Chip by PSI Quantum

Figure 1 show in Silicon Photonic Chip by PSI Quantum. According to Stephen Bartlett from the University of Sydney, Australia's recent announcement signifies a strategic move towards establishing sovereign capability in quantum computing and nurturing a quantum technology ecosystem. Bartlett expresses enthusiasm, noting that the substantial investment demonstrates Australia's commitment to the field.

While major players like IBM, Google, and Microsoft have already made significant investments in quantum computing, Australia's funding positions PSI Quantum as one of the largest dedicated quantum computing companies globally.

Quantum computers hold the promise of solving specific problems at a significantly faster pace than conventional computers. However, thus far, such capabilities have only been showcased in scenarios lacking practical applications. Nevertheless, research teams worldwide, including those in the US and China, are aggressively pursuing the development of larger and more reliable quantum machines. The overarching aspiration is that as these advancements progress, quantum computers will eventually demonstrate their utility in solving real-world problems.

A quantum computer has achieved a milestone in advancing towards error-free calculations. Australia has contributed to the global pool of quantum researchers, with individuals like PSI Quantum co-founders Jeremy O’Brien and Terry Rudolph working overseas. According to Bartlett, the government's investment may entice such researchers to return and establish careers in Australia. [2] This move signals Australia's intent to become a prominent player in the field of quantum computing, asserting its position among global leaders.

References:

1. https://www.newscientist.com/article/2428987-australia-places-a1-billion-bet-on-quantum-computing-firm-PSI Quantum/
2. https://www.msn.com/en-us/news/technology/australia-places-a-1-billion-bet-on-quantum-computing-firm-PSI Quantum/ar-AA1nUSWW

Cite this article:

Janani R (2024), Australia Is Investing A$1 billion In the Quantum Computing Company PSI Quantum, AnaTechmaz, pp.124