Ottawa promises up to $92 million for four Canadian quantum companies under new Champions program
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Toronto’s Xanadu Quantum Technologies Inc. is one of the companies to receive funding the first phase of the program. Photo by Scott Murdoch/Xanadu Quantum Technologies Inc.Article contentThe federal government has committed up to $92 million to fund four Canadian-headquartered technology companies under the new Canadian Quantum Champions Program (CQCP) launched on Monday by Innovation, Science and Economic Development (ISED) Canada.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentPhase one of the program will give Coquitlam, B.C.’s Photonic Inc., Toronto’s Xanadu Quantum Technologies Inc., Montreal’s Anyon Systems Inc. and Sherbrooke, Que.-headquartered Nord Quantique up to $23 million each to accelerate the development of fault-tolerant computers useful for industry.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe latest federal budget allocates $334.3 million over five years to anchor quantum firms in Canada and to expedite the technology’s adoption in defence as countries around the world pour billions into the nascent technology.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“The mission is pretty clear. We have got to support this frontier technology that is absolutely crucial,” Artificial Intelligence and Digital Innovation Minister Evan Solomon said.Article content“We need to keep the intellectual property (IP) in Canada. There’s a real race to get this. And we need to keep these companies headquartered in Canada. By investing in these companies, we’re making sure that they know they’re supported. This anchors them in Canada, attracts the talent and advances the research.”Article contentThe National Research Council of Canada (NRC) will oversee the new program and set up a Benchmarking Quantum Platform, working closely with the four selected companies, to assess various quantum technologies. Further funding and other program details will be released later.Article contentQuantum industry leaders and scholars have urged Ottawa to invest more in the sector to cement Canada’s position in the global quantum race. Some have called for Canada to match the United States Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative (QBI) that aims to determine a viable approach to building a commercial-scale quantum computer by 2033.Article contentArticle contentThree Canadian companies — Photonic, Xanadu, and Nord Quantique — have been advanced to the second stage of the QBI. People following the industry have said the U.S. could require companies that advance to later stages of the QBI to relocate down south or to share their intellectual property. But the three companies say they have not been required to do so.Article contentRead More Three Canadian startups advance to stage two of U.S.-backed quantum computing program Quantum computing startup Xanadu to go public in US$3.6-billion SPAC merger Article contentSolomon said the structure of the deals under the CQCP ensures that participating companies stay in Canada.Article content“In any of these agreements, there are lots of criteria, including ownership and change of location,” he said.Article contentSolomon said the first stage of the CQCP is worth more than the QBI’s first and second stages.Article content“The idea that we can’t compete … that’s just our stage one,” he said. “There’s lots more to come here, but it’s important for Canadians to realize that … we are leading and will be solidifying our leadership with this.”Article content• Email: ylau@postmedia.com Article contentTrending Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance The Federal Reserve’s rate cut was a clear signal to investors Investor Posthaste: Canada's provinces face 'deteriorating' outlook, says Fitch Ratings News Food prices rise at fastest pace in two years, though inflation rate holds steady Economy McKinsey plots thousands of layoffs in consulting slowdown Work Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Garry Marr: How raiding your TFSA before the end of year could save you thousands Personal Finance The Federal Reserve’s rate cut was a clear signal to investors Investor Posthaste: Canada's provinces face 'deteriorating' outlook, says Fitch Ratings News Food prices rise at fastest pace in two years, though inflation rate holds steady Economy McKinsey plots thousands of layoffs in consulting slowdown Work