Australia has committed approximately A$940 million (US$617 million) to support PsiQuantum, a Silicon Valley-based quantum computing company, in its efforts to develop the world's first "useful" quantum computer. 

The Queensland government will contribute half of this funding, and in return, PsiQuantum will establish its quantum computing project in Brisbane, with a regional headquarters at Brisbane Airport.

World's First "Useful" Quantum Computer Set to be Built in Australia

The investment aims to assist PsiQuantum in building what it claims will be the world's first useful quantum computer capable of addressing complex computational problems in various fields.

Potential applications include cryptography, materials discovery, climate modeling, and healthcare innovation.

PsiQuantum plans to establish a utility-scale quantum computing facility near Brisbane Airport by the end of 2027. The Australian Commonwealth and Queensland Governments will provide financial support through a package that includes equity, grants, and loans.

The company notes that the quantum computing industry faces challenges in scaling quantum computers to achieve error correction and practical utility.

PsiQuantum's approach involves a photonics-based architecture, encoding qubits into particles of light and leveraging semiconductor manufacturing techniques to scale up the production and testing of photonic devices.

Prof. Jeremy O'Brien, CEO of PsiQuantum, sees a utility-scale quantum computer as a foundational element of future computational infrastructure.

The platform aims to facilitate breakthroughs in renewable energy, pharmaceutical development, and sustainable energy production.

"This platform will help solve today's impossible problems and will serve as tool to design the solutions we so desperately need to safeguard our future. We're thrilled to partner with the Australian and Queensland governments as our team at PsiQuantum takes a massive step forward in our mission to help deliver on the promise of quantum computing," O'Brien said in a press release statement.

PsiQuantum's Chief Business Officer, Stratton Sclavos, mentioned collaboration with leading pharmaceuticals, semiconductor manufacturing, aerospace, and finance companies.

The goal is to prepare fault-tolerant quantum applications for deployment when the quantum computer becomes operational.

Read Also: Quantum Computing Could Start a Cybersecurity Armageddon, According to IBM

PsiQuantum's Fault-Tolerant Quantum Computing System

Founded in 2015 and headquartered in Palo Alto, California, PsiQuantum is working to develop useful and fault-tolerant quantum computing systems.

The company's photonic approach utilizes existing semiconductor manufacturing capabilities and cryogenic infrastructure to advance quantum computing technologies.

"With a utility scale quantum computer in sight, our applications teams have been working with leading companies in pharmaceuticals, semiconductor manufacturing, aerospace, chemicals, and financial services to ensure that fault tolerant quantum applications are ready to deploy when the system is operational," Sclavos said in a statement. 

Related Article: US Department of Energy Announces $11.7 Million Investment for Research on Quantum Computing