CBA tips $5m into quantum computing R&D

Commonwealth Bank of Australia has committed $5 million towards Australian research into quantum computing being conducted by Australian universities.

The UNSW-based ARC Centre for Quantum Computation and Communication Technology is involved in a project aiming to build a silicon-based quantum computer.

The research team will put the funds towards buying equipment and conducting quantum computing experiments.

CBA’s investment will fund a three-year project seeking to demonstrate entanglement in a silicon-based quantum computing architecture, and a second project aiming to transport quantum information within the computer.

The centre is led by UNSW Scientia Professor and Laureate Fellow Michelle Simmons, and hosts a team of some 170 researchers in six affiliated universities conducting research into the field of quantum computing.

“The speed of quantum computing means it promises to solve real-world issues such as searching large databases, solving complicated sets of equations and modelling atomic systems such as biological molecules and drugs,” CBA CIO David Whiteing said.

“This means they’ll be enormously useful for healthcare industries, government, finance industries and security.”

In July, IBM announced a $3.2 billion investment towards R&D into advancements in computing technology including quantum computing.

Image courtesy of Steve Jurvetson under CC