The global race to build the first commercial quantum computer is heating up.
Some of the largest tech companies in the world, including IBM, Amazon and Microsoft, are vying to win this race, and billions of dollars are being spent to try to get an edge.
Such a functioning quantum computer will realise the true potential of this technology at a commercial level that will be accessible for individuals and companies around the world.
Australia has an established and world-renowned quantum sector, and is actively participating in this race.
Earlier this year, the federal and Queensland government announced a joint investment of nearly $1 billion in US-based tech firm PsiQuantum which will see its effort to build the world’s first utility-scale, fault-tolerant quantum computer in Brisbane.
There’s a lot on the line in this competition, with estimates by CSIRO that the quantum industry in Australia could be worth $6 billion annually by 2045, and see the creation of up to 20,000 jobs.
A Sydney startup believes it has an edge in this global race thanks to its technology, which can condense the computing power of quantum into a single chip rather than the football field-sized buildings proposed by some of the other competitors.
Diraq also has a goal to be the first company in the world to build a full-scale, fault-tolerant quantum computer, and is striving to do so through the combination of the abilities of today’s chip manufacturers, cloud computing companies and software algorithm providers.
The company’s point-of-difference is the use of silicon quantum dot technology, which can make use of existing silicon manufacturing processes that are currently used by foundries to make semiconductor components.
This means Diraq has a faster and cheaper road to market that capitalises on the world’s existing chip fabrication technology and creates quantum building blocks which are far, far smaller than some of its biggest rivals.
Diraq now holds more than 60 patents worldwide for this technology across 11 patent families, and has raised more than $203 million ($US140 million) across a range of government grounds and venture capital firms, including Allectus Capital, Quantonation, Main Sequence and Taronga Ventures.
Diraq is a finalist in the InnovationAus 2024 Awards for Excellence in Defence, Dual-Use Technology and Space. The InnovationAus Awards for Excellence winners and finalists will be celebrated at a black-tie gala dinner at The Venue Alexandria in Sydney on Wednesday October 30. You can book your tickets here.
The Defence, Dual-Use Technology and Space category is sponsored by Q-CTRL.
Diraq is led by CEO and founder Professor Andrew Dzurak, who conducted decades of quantum research at the University of New South Wales.
The company achieved a significant milestone this year when it announced a record 99.9 percent control accuracy for qubit manufacturing, the highest single qubit fidelity demonstrated to date for a silicon spin qubit.
This served to validate Diraq’s quantum computer processor technology and prove that they can be manufactured using existing silicon chip foundries.
The company has now inked a deal with GlobalFoundries to manufacture Diraq-designed chips by the end of the year.
The company also this year closed a $US22 million Series A-2 round, led by Quantonation and featuring a number of other investors.
Diraq has partnered with fellow Australian quantum tech firm Q-CTRL to deliver three projects, including two with the New South Wales Office of the Chief Scientist and Engineer’s Quantum Computing Commercialisation Fund, and another with the US Army Research Office.
The company is based in New South Wales and now has 36 technical and commercial staff on its team, along with 15 UNSW-based PhD students.
Looking for brand exposure in front of Australia’s tech ecosystem? Purchase a table of 10 for the InnovationAus 2024 Awards for Excellence and have your logo displayed on screens across the venue and in the event programme as a table sponsor.
The InnovationAus 2024 Awards for Excellence are supported by the Australian Computer Society, Investment NSW, Department of Industry, Science and Resources, Technology Council of Australia, TechnologyOne, National Artificial Intelligence Centre, CSIRO’s ON Innovation Program, Reason Group, Q-CTRL, University of New South Wales, and IP Australia.
Protecting your great ideas with intellectual property (IP) rights can lead to lasting benefits for your growing business. IP refers to creations of the mind, such as a brand, logo, invention, design or artistic work. Head to the IP Australia website to find out more about IP, and how it might help your business.
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