The Commonwealth Bank intends to invest a further $10 million in the University of New South Wales’ Centre for Quantum Computation and Communication Technology.
The bank today announced the in-principle agreement to boost funding to CQC2T.
The investment is on top of the $5 million the bank announced last year it would invest in the centre.
The $10 million will be spread over five years.
The federal government said yesterday it would invest $26 million over half a decade in quantum computing research at UNSW. That funding, announced as part of the government’s $1.1b innovation agenda, will commence in 2016-17.
“Our investment has a long-term focus and is an example of potential collaboration and commercialisation. It enables us to support innovation in Australia as well as aligning ourselves with innovation that we believe will materially benefit our customers and shareholders over the next decade,” the Commonwealth Bank’s CEO, Ian Narev, said in a statement.
“Quantum computing is set to increase the speed and power of computers beyond what we can currently imagine,” the bank’s CIO, David Whiteing, said. “This is still some time in the future, but the time for investment is now.”
“The Commonwealth Bank’s investment confirms the outcomes that private and public money can deliver for the great good of our nation,” industry, innovation and science minister Christopher 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.
UNSW researchers earlier this year announced a new breakthrough that will help make building a silicon-based quantum computer possible.