The Canadian government wants to stay on the leading edge of innovation in quantum computing. And they’re putting up millions of dollars to do it.

What’s happening:

  • The Canadian government has launched a new initiative known as the Canadian Quantum Champions Program to fund startups in Canada building quantum computing technology

By the numbers:‍

  • The Canadian Quantum Champions Program will initially fund 4 different quantum computing companies with a total of $92M CAD
  • Over the next 5 years the Canadian Quantum Champions Program is aiming to deploy $334.3M CAD of total investment into startups focused on quantum computing

Why it matters:‍

  • This is one of the single largest funding commitments the Canadian government has ever made to quantum computing companies that are being built within Canada

Going deeper:‍

  • The Canadian Quantum Champions Program will provide milestone based funding that is structured as a subsidy and does not need to be repaid or converted into equity ownership
  • Xanadu Quantum Technologies, Photonic, Anyon Systems and Nord Quantique are the first four Canadian companies to be selected for initial funding

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