The National Reconstruction Fund Corporation (NRFC) has invested $20 million in Silicon Quantum Computing (SQC), a Sydney-based global leader in the field of quantum computing. SQC is the only company in the world capable of manufacturing quantum chips with atomic precision while delivering quantum enhanced-AI products for enterprises and governments today. It is also one of Australia’s only semiconductor manufacturing companies.
SQC is at the forefront of a quantum computing revolution set to transform industries including banking, defence, pharmaceuticals and artificial intelligence. The National Quantum Strategy estimates that Australia’s quantum industry could be worth $6 billion and be responsible for 19,400 jobs by 2045, underscoring the scale of the opportunity.
SQC was founded in 2017 at the University of New South Wales (UNSW) by former Australian of the Year, Professor Michelle Simmons AC. It is one of 11 companies around the world that have successfully advanced to stage B of the Defense Advanced Research Projects Agency (DARPA)’s exceptionally rigorous Quantum Benchmarking Initiative (QBI).
NRFC funding will accelerate SQC’s growth by expanding its proprietary PAQMan™ or Precision Atom Qubit Manufacturing process — the most precise semiconductor manufacturing technology in the world. The investment supports the development of next-generation atomic electronics and anchors a globally competitive quantum industry here in Australia.
SQC can design, produce and test new quantum chips in under one week — an execution speed that sets the company apart in the global race to commercial-scale quantum computing. Powered by its 14|15™ platform and fully inhouse manufacturing, this rapid iteration is delivering industry-leading qubit quality and algorithmic fidelity, accelerating the path to a fault-tolerant, commercial-scale quantum computer.
SQC has two products in market: Watermelon™, a quantum machine learning system, and Quantum Twins™, a quantum simulator designed to accelerate molecule and materials discovery. The company’s products have already delivered commercial outcomes across a variety of sectors including energy, logistics, defence and telecommunications, with SQC customer Telstra reporting a dramatic reduction in model training time with the Watermelon processor.
SQC currently employs over 100 people in Sydney and NRFC’s investment is expected to create highly skilled jobs in sales, quantum engineering, chip design, and hardware engineering, and lay the foundation for the creation of hundreds more in the near future.
The NRFC’s funding is part of a larger SQC funding round. The company’s existing investors include CBA, Telstra, UNSW, the NSW Government and the Commonwealth Government of Australia.
Quotes for media use:
Senator the Hon Tim Ayres, Minister for Industry and Innovation and Minister for Science:
“This investment backs Australian ingenuity and ensures world‑leading quantum technologies are designed, built, and commercialised here at home.”
“By investing in quantum technology, we’re giving Australians powerful new tools to tackle our biggest national challenges, using cutting-edge science to strengthen sectors like energy, health and defence.”
“Developed in Australia over 25 years, SQC’s world‑leading technology shows what a Future Made in Australia looks like in practice, turning Australian research into Australian manufacturing, delivering sovereign semiconductor and quantum capability, highly skilled jobs, and global opportunity.”
“Quantum is a global opportunity, and Australia can be at the forefront, but it will take decisive action now to keep pace and build our capability here at home.”
National Reconstruction Fund Corporation CEO David Gall:
“Silicon Quantum Computing is a leader in the field of silicon-based quantum computing, and we are proud to be investing in a company that creates highly skilled jobs, commercialises Australian innovation, and helps to build our sovereign quantum capability.”
“Australia leads the world in quantum computing, and SQC’s in-house manufacturing allows the company to iterate significantly faster, and with greater accuracy, than its competitors. This gives SQC a critical edge in forging the fastest and most cost-effective path to a commercial-scale quantum computer.”
Silicon Quantum Computing CEO & Founder Michelle Simmons AC:
“From day one, SQC’s mission has been clear: To build the world’s first commercial-scale quantum computer in silicon, right here in Australia. Our globally unique manufacturing capability gives us a decisive advantage in the global race, and NRFC’s investment allows us to accelerate that mission.”
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About the National Reconstruction Fund Corporation (NRFC)
The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science.
The NRFC’s role is to invest in Australian businesses and projects that design, refine
and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.
For more information, visit nrf.gov.au
Media contact: media@nrf.gov.au
About Silicon Quantum Computing
Silicon Quantum Computing (SQC) is at the forefront of global efforts to deliver a commercial-scale quantum system in 2033. Backed by 25 years of technological leadership, SQC holds a singular advantage: exclusive capability to manufacture silicon chips with atomic precision — enabling quantum machine learning chips and quantum computing systems with world-leading algorithmic fidelity. With in-house QPU manufacturing, SQC iterates new chips weekly while delivering quantum machine learning and simulation systems to customers today. Founded in 2017, the company is headquartered in Sydney, Australia.
For more information, visit sqc.com.au(Opens in a new tab/window)
Media contact:
Noah Bethke
Silicon Quantum Computing
noah.bethke@sqc.com.au