Australia's National Reconstruction Fund Invests $20M in Sydney's Diraq for Quantum Computing Development
The Australian federal government's National Reconstruction Fund has invested $20 million in Sydney-based start-up Diraq, which is focused on developing advanced quantum computers with plans to launch a commercial model by 2029. This investment aims to enhance local manufacturing and commercialization of quantum technology, potentially generating $2.2 billion and supporting 8,700 jobs in Australia by 2030. Diraq has raised over $100 million since its founding in 2022 and employs 60 people.
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The Australian federal government's National Reconstruction Fund Corporation has invested $20 million in Sydney-based start-up Diraq, which aims to develop a new generation of quantum computers. Diraq plans to launch a commercial computer by 2029, utilizing chip-making facilities to produce smaller and more efficient quantum chips.
This investment is significantly smaller than the nearly $1 billion committed to PsiQuantum, which aims to build the world's first useful quantum computer in Brisbane by 2027. Diraq has raised over $100 million since its launch in 2022 and employs 60 people.
The firm anticipates its technology could lead to breakthroughs in various fields, including medicine and finance, and could generate $2.2 billion and support 8,700 jobs in Australia by 2030. The investment is intended to bolster local manufacturing and commercialization of quantum technology in the country.
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