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(Opens in a new tab/window) (QBI). 

NRFC CEO David Gall said, “Quantum computing has the potential to dramatically transform computing as we know it, and our investment is in line with the Australian Government’s national strategy to grow the quantum industry in Australia. 

“Australia has the potential to lead the world in quantum computing and Diraq’s groundbreaking combination of silicon-based qubits and tried and tested semiconductor architecture will allow it to create quantum computers at a fraction of the cost and size of its competitors, revolutionising the industry.”

Diraq’s quantum computers use silicon-based quantum bits, known as “qubits”, and the company has ambitions to scale to millions of qubits – a crucial milestone for enabling practical large-scale applications – by 2031. Built on a Complementary Metal-Oxide-Semiconductor (CMOS) based architecture, Diraq’s technology leverages existing semiconductor manufacturing to deliver quantum computers at a fraction of the cost and size of competing approaches.

Diraq Founder & CEO Andrew Dzurak said, “We are rapidly moving our breakthrough research out of the lab and into the market, providing a cost-efficient path to delivering utility-scale quantum computers. 

“I’m proud to be building this cutting-edge technology in Australia, putting our nation at the forefront of the race to deliver practical quantum computing that will shape the next era of innovation. The support of the NRFC strengthens our ability to scale and continue to attract the best global talent to Australia."

NRFC funding will be used for research, product development, and commercialisation as Diraq works to deliver its first product by 2029, a quantum computer capable of genuine quantum advantage. 

Founded in 2022 and spun out of UNSW, Sydney, Diraq currently employs over 70 staff and PhD students in Sydney. The NRFC investment is expected to significantly grow the team with new Australian-based jobs in research, development and commercialisation. 

Australia is widely recognised as a global leader in quantum technology, and Diraq’s rapid progress reflects the world-class quantum ecosystem that has been cultivated in the country. 

The company’s existing investors include ICM, Quantonation, UNSW, and other Australian investors such as John Higgins Family Office, Taronga Ventures, Main Sequence Ventures, UniSuper, Uniseed, Hostplus, Co:Act Capital and NGS Super.

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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 Diraq

Diraq is a global leader in building quantum processors using silicon ‘quantum dot’ technology. Diraq’s goal is to revolutionise quantum computing by driving qubit numbers on a single chip to the many millions, and ultimately billions needed for useful commercial applications. Diraq’s platform architecture is purpose-built to drive the significant processing advances required to reduce cost and energy barriers, and realise quantum computing’s full societal and economic potential. Founded in 2022 in Sydney, Australia, Diraq has operations in the United States across Palo Alto, Boston and Chicago.

For more information, visit diraq.com(Opens in a new tab/window)

Media contact: 
Georgia Dempsey
georgia.dempsey@diraq.com