Today, Prime Minister Justin Trudeau announced a $40 million investment to enable Toronto-based quantum computing company Xanadu to build and commercialize the world’s first photonics-based fault-tolerant quantum computer. The investment in this $177.8 million project, supported by the Strategic Innovation Fund, will create 530 new highly qualified positions in high technology and quantum computing.

Once developed, this computer will have the potential to provide advanced capabilities to help solve complex data problems, and could be used in various industries including finance, transportation, environmental modeling and healthcare.

The announcement comes just days after the Canadian government unveiled its national quantum strategy, which includes investments totalling some $360 million.

“Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as healthcare, finance, and climate sciences, this sector expands the realm of possibility,” Trudeau said. “Today’s announcement is great news for Canadian workers and businesses. This investment will bring good jobs, spur economic growth, boost innovation, and solidify Canada as a world leader in quantum technology.”

Founded in 2016, Xanadu is on a mission to make quantum computers useful and accessible to people everywhere. The company leads the development of PennyLane, an open-source software library for quantum computing and application design. A notable contributor to Canada’s innovation ecosystem, Xanadu is committed to continuing to support Canada’s innovation, growth and research and development sector.

“The government’s continued investment in quantum technologies has been invaluable to our success. We are proud to be a Canadian company and, with this investment, are excited to enter the next phase in our mission to build quantum computers that are useful and available to people everywhere”, said Christian Weedbrook, founder and chief executive officer of Xanadu.

The post Federal funding announced to develop the quantum computer of tomorrow first appeared on IT World Canada.

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