💎 Diamonds are forever
As one of Australia's most promising quantum startups raises $23 million to build a diamond foundry, a breakthrough from Google reminds us that the quantum era is still billions of dollars away.
Ever since the federal and Queensland governments invested hundreds of millions in Californian startup PsiQuantum, there have been questions about whether local quantum computing companies would get a leg up too.
Seven months later, Quantum Brilliance has became the second company to announce an investment from the Albanese government's National Reconstruction Fund (NRF). The startup, which focuses on smaller and more mobile quantum computers, raised $13 million in an equity deal that co-founder Marcus Doherty described as in-line with previous agreements struck with VCs.
Breakthrough Victoria, which previously invested $8 million in the startup, chucked in another $10 million.
There is a wide gap between the $940 million that went to PsiQuantum and the amount that Quantum Brilliance scored. But the Canberra-based startup says the $13 million is enough to establish a foundry in Victoria (thus Breakthrough Vic's decision to invest), which it will use to manufacture special diamonds used in quantum efforts by companies like Bosch, Lockheed Martin and startups like itself.
