National Reconstruction Fund Corporation backs next generation quantum computing startup Diraq with $20 million equity investment

The National Reconstruction Fund Corporation (NRFC) is taking a $20 million equity stake in Diraq, a Sydney-based quantum technology startup that is a global leader in the development of utility-scale quantum computing. 

Quantum computers are exponentially faster than classical computers and can perform calculations that would take the world’s current, most advanced supercomputers millions of years to process, allowing them to solve valuable and world-changing problems, such as new drug discovery, materials science and advanced AI.

Diraq is one of 11 companies around the world that have successfully advanced to stage B of the U.S. Defence Advanced Research Projects Agency (DARPA)’s exceptionally rigorous Quantum Benchmarking Initiative (QBI). 

Read the full announcment here.