National Reconstruction Fund invests $13m in Quantum Brilliance
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The news: Australia's National Reconstruction Fund (NRF) has made a $13 million equity investment in diamond quantum technology company Quantum Brilliance.
The numbers: The $13 million investment is part of a Series A funding round being raised by Quantum Brilliance.
This is the second investment under the NRF, which is administered at arms-length from the government by the National Reconstruction Fund Corporation (NRFC). Australia’s quantum technology industry is projected to be worth $6 billion and employ 19,400 people by 2045.
The context: The NRF investment will be used to create one of the world’s first foundries for quantum diamond devices, which are key components in emerging quantum computing and sensing technologies. It will also sustain the research hub for Diamond Quantum Materials that QB jointly established with La Trobe University and RMIT University in 2022.
Lab grown diamonds are the key component of QB’s quantum accelerators which enable the precise fabrication of quantum bits, which power computers and sensors. Quantum technologies will usher in a new generation of computers that will be thousands of times faster and more powerful than current computers. The technologies have significant potential uses in national security, aerospace, healthcare, transport, civil engineering and mining industries.
What they said: “This is about ensuring Australian ideas will be backed and built here, creating more high-paying jobs and keeping Australia at the forefront of the global quantum industry,” Minister for Industry and Science, Ed Husic, said.
The sources: NRFC media release, Minister for Industry and Science media release
