Telstra invests $10m in quantum computing

Joins CBA in investing in UNSW’s quantum computing research

Telstra has announced it will invest $10 million in the Centre for Quantum Computation and Communication Technology (CQC2T) at the University of New South Wales.

The telco’s announcement follows news this morning that the Commonwealth Bank would invest an additional $10 million over five years in CQC2T, following on from a $5 million investment in 2014

The government’s $1.1b innovation agenda, details of which were revealed yesterday, included $26 million over half a decade in funding for quantum computing research at UNSW.

UNSW researchers earlier this year announced a new breakthrough that will help make building a silicon-based quantum computer possible.

“Telstra is committed to technological innovation, through partnerships and through our own developments,” Telstra’s CEO, Andrew Penn, said in a statement.

“The potential of quantum computing is significant for countries across the globe, and we are excited to be part of this important initiative to build the world’s first silicon-based quantum computer in Sydney.”

Telstra said the funding was subject to the finalisation of commercial terms, including equivalent interest to the Commonwealth Bank in the organization.

The telco said it would also contribute resources from its data scientist team, led by Telstra’s chief scientist, Hugh Bradlow.

“The possibilities of quantum computing are very real for us, and we want to help those possibilities become a reality. Quantum computing represents an important leap in innovation,” Penn said.

“Through this investment, and in partnership with other corporate partners such as the Commonwealth Bank of Australia, we can work together to put Australia at the forefront of global innovation,” the CEO said.

The Commonwealth Bank’s investment was cited this morning by the federal government’s industry, innovation and science minister, Christopher Pyne, as an example of the kind of public-private partnership the government wants to encourage.

“The Commonwealth Bank’s investment confirms the outcomes that private and public money can deliver for the great good of our nation,” Pyne said.

“I look forward to more private and public partnerships in the future that will help to create jobs and grow the economy,” the minister said.

Read more: Commonwealth Bank backs UNSW quantum computing research

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