CBA increases support for quantum computing

The Commonwealth Bank of Australia (CBA) has announced it will commit to a further $10 million to support Australian researchers who are on their way to potentially build the world’s first silicon-based quantum computer in Sydney.

The CBA said it welcomes the federal government’s decision to invest $26 million in the University of New South Wales’ Centre for Quantum Computation and Communication Technology and it will increase that figure on top of an initial $5 million investment which was announced last December.

The centre specialises in the engineering and control of individual atoms in silicon, and associated manipulation of quantum states, and is working with the Australian Government, CBA and other stakeholders to build a quantum computer prototype in silicon — the material of choice in the semiconductor industry.

Commonwealth Bank Chief Executive Ian Narev said the potential benefits of quantum computing are transformational and show that Australian innovation can be world leading.

“The University of New South Wales’ quantum computer research team led by UNSW Scientia Professor Michelle Simmons proves that world-leading innovation can happen — and is happening — in Australia,” said Narev.

“We are pleased to provide further tangible support for the Australian Government’s National Innovation and Science Agenda.

“For innovation to thrive there must be collaboration between governments, research institutions, businesses and entrepreneurs.”

CBA Chief Information Officer David Whiteing said quantum computing is expected to change our use of computers in our everyday lives.

“Quantum computing is set to increase the speed and power of computers beyond what we can currently imagine,” said Whiteing.

“This is still some time in the future, but the time for investment is now.”

Across the past two years the research team has demonstrated the longest coherence time for qubits in the solid state as well as patented the process to scale the technology in silicon.

Image courtesy of Commonwealth Bank of Australia