Quantum computing just landed a big new backer: the Australian government.

‍What’s happening:‍

• The Australian government has announced an investment of $940M AUD into quantum computing startup PsiQuantum
  
• The new funding from the Australian government is aiming to accelerate the development of PsiQuantum building the first commercially viable quantum computer ever to be installed in Brisbane
  

The big idea:‍

• PsiQuantum is developing quantum computers based on next generation photonics that do not need to be kept as cold as other quantum computing systems currently being built
  
• Because quantum computers rely on quantum bits, high temperatures are prone to causing thermal vibrations that can lead to significant computing errors
  

Why it matters:‍

• The United States White House previously declared quantum computing to be a critical technology and the government of Canada also has launched new funding to support quantum computing startups that are being built domestically
  
• Quantum computing has a wide range of potential future applications, ranging from accelerating healthcare technology to helping process large amounts of data around energy consumption and usage
  

By the numbers:‍

• PsiQuantum has raised approximately $1.3B USD in venture capital funding since inception
  

The intrigue:‍

• The funding from the Australian government is part of their Future Made In Australia policy which has also allocated significant funding to domestic solar panel manufacturing as well as to critical mineral exploration to support the energy transition

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