Commonwealth Bank rooting for Australia’s foray into quantum computing
New firm is called Silicon Quantum Computing (Image source: https://depositphotos.com/)
Commonwealth Bank of Australia has joined telco firm Telstra, the Federal Government, the New South Wales Government and the University of New South Wales (UNSW) in an $83 million venture to found Australia’s first quantum computing company.
The firm, Silicon Quantum Computing (SQC), has been launched to advance the development and commercialisation of the UNSW’s quantum computing technology.
Dilan Rajasingham, head of emerging technology at CBA, says quantum computing will provide it “with a means to evolve our understanding of our customers, through real-time analysis of their patterns and interactions, so we can provide more tailored products, insights and advice”.
Working with the Australian Research Council (ARC) Centre of Excellence for Quantum Computation and Communication Technology (CQC2T), the company will operate from new laboratories within CQC2T’s UNSW headquarters.
The new company will drive the development and commercialisation of a ten-qubit quantum integrated circuit prototype in silicon by 2022 as the forerunner to a silicon-based quantum computer. CBA says it has invested over $14 million to support this development.
CBA has shown an earlier interest in this field. Back in April, QxBranch, a quantum computing and data analytics software company, created a simulator for the bank.
We were there first
“Quantum of solace” and “quantum leap” have already been used as headlines in two previous stories.
In July, IT services corporation Atos launched the “world’s first commercially available” machine-system capable of simulating up to 40 quantum bits (Qubits) – which can be used for its cybersecurity plans.
While in May, IBM built and tested its most powerful universal quantum computing processors.
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