Telstra announces plans to co-invest with Federal Government in silicon quantum computing

Telstra today announced that it plans to invest $10 million and in-kind support over the next five years to help the development of silicon quantum computing technology in Australia with the Centre for Quantum Computation and Communications Technology (CQC2T), headquartered at the University of New South Wales.

Together with the Federal Government’s $26 million investment, this will help fund the development of a silicon quantum integrated circuit – the first step in developing the world’s first silicon-based quantum computer.

Supporting the Federal Government’s renewed focus on innovation, Telstra’s investment further demonstrates the company’s commitment helping build a world class technology nation.

Andrew Penn, Telstra Chief Executive Officer, said that he was very pleased to confirm Telstra’s in-principle support and was excited to be involved in such a dynamic, world leading program.

“Telstra is committed to technological innovation, through partnerships and through our own developments. 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,” Mr Penn said.

“Telstra is ready and willing to play a role in building for the future. We must come together to plan for future generations through technological advancements. This partnership is a solid demonstration of this commitment.

“As well as a financial commitment, we will also contribute resources from our data scientist team, including the skills and knowledge of Telstra’s Chief Scientist, Dr 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.

“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,” Mr Penn said.

Telstra’s commitment is subject to finalisation of commercial terms including our equivalent interest to Commonwealth Bank of Australia in this new entity.