Hunting for quantum computing's white whale in Australia
Quantum computing is a potential trillion dollar industry. Several leading Australian startups stand to become global titans if that eventuates, but it won't be easy.
The next four years are going to be momentous for Andrew Dzurak. If everything goes to plan, his Diraq startup will produce a complete quantum computer by 2028.
Devoted scientists have been labouring to create a quantum computer since 1981, when such a device was first theorised. Yet quantum computing has proven to be a technological white whale. Designing a reliable and consistent one has proven elusive.
Many of those in the hunt are Australian. Thanks to early investments in quantum research, the country is home to a disproportionately large number of the industry’s brightest minds. In 2021 Australia issued the third most patents related to quantum computing, according to GlobalData, and had the fifth biggest quantum workforce. Directors of quantum computing programs at companies like Microsoft and IBM studied in Australia.
All that know-how has led to several promising Australian startups. McKinsey thinks the industry could be worth USD700 billion in a decade. If that happens, these local startups stand to become global titans. Diraq, founded in 2022, last week concluded its Series A, raising a total round of $53 million.
