Government of Canada contribution strengthens Canada's position as a global leader in quantum computing

Investment promotes commercialization of quantum computing technology

BURNABY, BC, March 11, 2021 /CNW/ - Quantum computing is a transformative technology in which Canadian researchers, businesses and workers have developed a leading global advantage. This technology will have a significant impact on the daily lives of Canadians and will be a driver of economic growth and good jobs. This is why the Government of Canada has identified it as a strategic opportunity for the country and is increasing its support to the sector.

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced a $40-million contribution to D-Wave Systems Inc. of Burnaby, British Columbia, one of Canada's most innovative and intellectual property­–rich firms. This contribution will support a $120-million project to develop quantum computer hardware and software systems, ensuring that Canada remains at the forefront of quantum technology development.

The project will help D-Wave further the advantage of quantum technology over classical computers by enhancing the processing capabilities and computing power of its current systems. To reach this objective, the company will develop a new and more powerful quantum processor and provide additional advancements for its quantum computers.

With this project, D-Wave will be well positioned to bring its next-generation quantum system to market, which could improve productivity, innovation and analytical capabilities across Canada's economy. This investment will also enable D-Wave to provide greater access to its cloud-based service, which is particularly helpful to small and medium-sized Canadian companies that would benefit from access to the power of quantum computing. This effort will strengthen the Canadian innovation ecosystem and accelerate the commercialization of quantum computing services.

Through this project, D-Wave commits to creating and maintaining up to 200 jobs, employing up to 10 co-op students annually, and spending more than $480 million on R&D. D-Wave will also provide quantum computing access to qualified members of the quantum computing ecosystem in Canada to encourage its development.

Quotes

"Quantum technology and artificial intelligence are key parts of our government's plan to make our post-pandemic economy stronger than ever. This investment in D-Wave will help place Canada at the forefront of quantum technology development and will create new jobs and opportunities to help Canadians and make our economy more resilient."
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry

"Canada is in an innovation race, and the federal government is committed to growing the economy and creating well-paying jobs. The COVID-19 pandemic has accelerated the global demand for transformative technologies, and there is a real opportunity for Canada to be a world leader in this field. Today's investment in D-Wave will help to place Canada at the forefront of quantum technology development and will create new jobs and opportunities to help Canadians and advance the economy."
– Terry Beech, Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard

"D-Wave is proud that its technologies are among those that the Strategic Innovation Fund has invested in. Through support from the Government of Canada, D-Wave will continue to build a global quantum ecosystem showcasing the power of Canadian innovation. We are focused on bringing early quantum hybrid value to diverse fields, including health care, materials science, financial analysis, manufacturing and logistics, and will continue to focus on the prototyping, development, full-scale implementation and deployment of quantum computing systems and services on new innovative architectures and designs."
– Alan Baratz, CEO, D-Wave Systems Inc.

Quick facts

• D-Wave Systems Inc. is a privately held company that focuses on the development of quantum computer hardware, software and services.
• To date, D-Wave is the first and only company in the world to bring to market a quantum computer that can run real, in-production applications.
• Quantum computing has the potential to help develop targeted drugs for specific patients, make delivery routes faster and more efficient, strengthen online security, predict weather events, model climate change, and more.
• The global quantum computing market is expected to grow to $50 billion by 2030.
• The contribution is being made through the Strategic Innovation Fund, a program designed to attract and support high-quality business investments across all sectors of the economy.
• This project has also received assistance from Sustainable Development Technology Canada and the Government of British Columbia.
• This project addresses strategic considerations from the Economic Strategy Table on Digital Industries and the National Cyber Security Strategy. It also supports priorities set forth in the Government of Canada's Innovation and Skills Plan, such as helping to develop a highly skilled workforce and advancing research in foundational new technology that is a key component of future economic growth and innovation.
• In addition to the Strategic Innovation Fund, there are hundreds of programs and services to help businesses innovate, create jobs and grow Canada's economy. With its simple, story-based user interface, the Business Benefits Finder can match businesses with the most fitting programs and services in about two minutes.

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SOURCE Innovation, Science and Economic Development Canada