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In a recent announcement, the Prime Minister of Canada, Justin Trudeau, revealed that the federal government will be investing $40 million in Xanadu Quantum Technologies, a Toronto-based quantum computing company. The investment is aimed at supporting the company's efforts to construct and bring to market the world's first fault-tolerant quantum computer based on photonic technology.

Once developed, this computer will have the potential to provide world leading capabilities to help solve complex data problems and could be used in a variety of sectors such as finance, transportation, environmental modelling, and health. Supported through the government’s Strategic Innovation Fund, this $177.8 million project is expected to create 530 new highly skilled positions in the high-tech and quantum computing fields.

Home to some of the world’s largest quantum tech hubs, Canada is well positioned to become a global leader in the developing quantum sector, which will create new opportunities for Canadians and Canadian businesses. The Government of Canada will continue to invest in innovative companies to grow the economy and create highly skilled and well-paying jobs for Canadians.

“Quantum technology is changing the world as we know it. With the potential to solve difficult problems in key areas such as health care, finance, and climate sciences, this sector expands the realm of possibility. 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.” says the Rt. Hon. Justin Trudeau, Prime Minister of Canada.

“Quantum technologies will set the course of the future and thanks to companies like Xanadu, Canada is at the forefront ready to lead. With today’s announcement, our government is strengthening Canada’s position in quantum technology and helping to create more economic growth and good jobs for Canadians. We’ll continue to build this sector through our National Quantum Strategy and support made-in-Canada technology so Canada remains a world leader for decades to come.” said the Hon. François-Philippe Champagne, Minister of Innovation, Science and Industry.

“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.” says Christian Weedbrook, Founder and CEO, Xanadu.

Click here to know more about Xanadu’s Fault-Tolerant Quantum Computers.