NSW launches $7m quantum fund to boost local commercialisation

Minister Alister Henskens with Silicon Quantum Computing’s Michelle Simmons. Image credit: Minister Henskens' Twitter

The New South Wales government has unveiled its $7 million Quantum Computing Commercialisation Fund (QCCF), which would help startups and deep-tech companies get their innovations off the ground. 

The new fund will cater to both startups and existing deep-tech companies to accelerate the commercialisation of their quantum computing capabilities, in turn, reinforcing NSW’s position as a global quantum centre of excellence. 

Grants ranging from $200,000 to $4 million will be made available for projects that progress quantum computing hardware and/or software towards commercialisation with NSW. 

QCCF will support companies within Technology Resiness Level 3-7, according to NSW Chief Scientist & Engineer Professor Hugh Durrant-Whyte, enabling businesses to develop their technology and attract large-scale private investment. 

Minister for Science, Innovation, and Technology Alister Henskens said NSW is uniquely positioned to become a global leader in quantum technologies due to strategic investments from the state and federal governments. 

“Thanks to the NSW Liberal and Nationals Government’s strategic investment over the past decade, NSW is leading the nation in quantum research and development, boasting world-leading companies such as Silicon Quantum Computing, Diraq and Q-CTRL,” Henskens said. 

The new fund is aligned with NSW’s recently published 20-Year R&D Roadmap, which identified the state’s quantum ecosystem as an area of competitive advantage. 

It is also aimed at creating new jobs and industries, which will foster economic growth and help secure a brighter future for the NSW’s people. 

The quantum technology industry is expected to generate up to $4 billion in revenue and create 16,000 jobs by 2040, according to Professor Durrant-Whyte. 

“Quantum technology is already revolutionising many aspects of our society and economy, including transport, health care, financial services, defence, weather modelling and cybersecurity,” Durrant-Whyte added. 

Applications for the QCCF will be open until 2 February at 10 am AEDT. 

Further information, including guidelines and an online application form, can be found here