Dan Caruso’s Post

WEBFI: Chicago region designated U.S. Tech Hub for quantum technologies by Biden-Harris administration - The Chicago region has been named an official U.S. Regional and Innovation Technology Hub for quantum technologies by the Biden-Harris administration, a designation that opens the door to new federal funding and recognizes the growing strength of an ecosystem poised to become the heart of the nation’s quantum economy.  The Bloch Tech Hub, a coalition of industry, academic, government, and nonprofit stakeholders led by the Chicago Quantum Exchange, was one of 31 designees from nearly 400 applications across the country. The selection, announced Oct. 23 by the White House and the U.S. Department of Commerce’s Economic Development Administration, is the first phase of a federal initiative designed to “supercharge” innovation economies that have the potential to become global leaders in a critical technology within a decade. As a recipient of the U.S. Tech Hubs designation, The Bloch is now eligible to apply for the program’s second phase, which could include millions of dollars in funding to implement the hub’s activities. It was one of two U.S. Tech Hubs designated in Illinois; the other is focused on biomanufacturing. “Home to world-class institutions and first-rate research centers, Illinois is transforming technology, biomanufacturing, and innovation at every turn,” said Illinois Gov. JB Pritzker. “I couldn’t be prouder that the Biden Administration has selected the Chicago Quantum Exchange’s The Bloch and the University of Illinois at Urbana-Champaign’s iFAB Hub as two of just 31 inaugural tech hubs — opening the door for even more investment, advancement, and discovery. There’s no doubt that the rest of the nation have caught on to our great state’s status as an innovation powerhouse — and our future couldn’t be brighter.” The EDA Tech Hubs program — aimed at creating jobs, spurring inclusive economic growth, and ensuring advances essential to US economic and national security — was authorized by the bipartisan CHIPS and Science Act of 2022. Quantum information science and technology, which has the potential to revolutionize a range of sectors from finance to medicine to national security, is one of the program’s 10 key areas of focus. “The Chicago region is a major player driving U.S. leadership in quantum, in part because of the deep partnerships we have fostered among leading research institutions and industry partners — and in part because of strong federal and state government support,” said David Awschalom, the Liew Family Professor of Molecular Engineering in the University of Chicago’s Pritzker School of Molecular Engineering and the director of the Chicago Quantum Exchange, an intellectual hub founded in 2017. “This designation speaks not only to our promising future but to the collaborative, cross-sector work we are already doing to advance research, b

Our “State of Quantum 2024 Report” is out! Together with OpenOcean and Lakestar, and in association with The Quantum Insider (TQI), we are proud to launch our “State of Quantum 2024 Report.” The report shows that quantum computing has been resilient to overall downturns in the global economy, with continued growth backed up by strong government support and continued investment momentum in Europe. The report draws insights from in-depth interviews with a wide range of enterprise end users, vendors, and research institutions, including HSBC, Dell, Federal Reserve, Citi and Moderna. It analyses investment data from TQI and tracks the continued progress in national quantum computing centres across Europe and North America. The key findings show: ◾ A 50% drop occurred in venture capital invested into quantum startups from $2.2 billion in 2022 to around $1.2 billion in 2023 globally – Europe, the Middle East and Africa grew by 3%, the United States saw an 80% decline, and the APAC region declined by 17%. ◾ Over 30 governments have committed to more than $40 billion in public funding commitments to quantum technologies which will be deployed in the next 10 years. ◾ Of these governments actively involved in quantum technologies, over 20 have formulated coordinated policies, funding, and roadmaps. Commenting on the report, our CEO and Co-founder, Dr. Jan Goetz, said: “2023 was a year of steady technological progress resulting in larger qubit counts and initial error correction as companies successfully published and followed quantum roadmaps. We also saw real systems deployed in national labs, steadily crossing into practical applications as we continue the journey to full-scale commercial problem-solving.” Read the full press release here: https://lnkd.in/dmyVvaJf Download the report here: https://lnkd.in/dVxJuQh7 #IQM #StateofQuantum23Report #Investors #Governments #Industries #QuantumComputing Juha Vartiainen Kuan Yen Tan European Innovation Council and SMEs Executive Agency (EISMEA) OurCrowd QCI SPV Bayern Kapital Tofino Varma Maki.vc Matadero QED MIG Fonds SALVIA GmbH Santo Venture Capital GmbH Tencent Tesi Vsquared Ventures World Fund Sierk Poetting Daria Saharova Axel Thierauf Ekaterina Almasque Mikko Välimäki Helmut Jeggle Sylwia Barthel de Weydenthal (she/her) Raghu (Raghunath) Koduvayur Hoang-Mai Nguyen Henrikki Makynen Michael Bruce, MCIPR

**Silicon Valley**, nestled in the sun-kissed embrace of the South San Francisco Bay Area, is more than mere geography—it is a **cosmic crucible of innovation**. Let us peel back the layers of its significance: 1. 🌐 **Global Epicenter of Technological Alchemy**: Silicon Valley is the **alchemy's cauldron**, where dreams transmute into code, and electrons dance to the rhythm of possibility. Its name? An homage to the **silicon transistor**, that minuscule sorcerer within microprocessors. Here, the mundane becomes magic. 2. 🏢 **Tech Titans and Their Silicon Thrones**: Behold the pantheon of tech deities! **Apple**, with its forbidden fruit; **Google**, the oracle of algorithms; **Meta** (once Facebook), the mirror of digital souls; **Chevron**, whispering secrets of energy; and **Visa**, the gatekeeper of transactions. These giants stride upon silicon shores. 3. 🏡 **Wealth, Real Estate, and the Oracle of Zillow**: Silicon Valley isn't just a place; it's a **real estate fever dream**. The hottest market, where pixels fetch fortunes. Mansions sprout like code snippets, and ZIP codes hum with zeroes. The median household income? It scoffs at mere mortals. 4. 📚 **The Genesis of a Name**: Picture January 10, 1971—a cover story unfurls in Electronic News. Journalist Don Hoefler, ink-stained and starry-eyed, pens the term "Silicon Valley." It begins with semiconductors, but soon, it embraces all things tech. A name birthed in binary. 5. 🌆 **Boundaries of the Enigma**: Silicon Valley sprawls across **1,854 square miles**, a digital Atlantis. Its nebulous borders weave through: - **Santa Clara** and **San Mateo** counties—where code whispers in the wind. - The western edge of **Alameda County**—a pixelated frontier. - **Scotts Valley** in **Santa Cruz County**—a hidden node. - And there, crowned in bits, stands **San Jose**, its largest city. 6. 🎓 **The Ivory Towers of Knowledge**: Stanford University—the **oracle of intellect**, where minds collide like particles in a collider. State universities join the symphony, fueling research and development. Their equations ripple through the Valley, birthing startups like cosmic quasars. 7. 💼 **Venture Capital's Love Affair**: Venture capitalists swoop down like digital hawks. **117 IPOs**, valued at **$253 billion**, sprouted from this soil. Fortune 500 companies—**38 of them**—call Silicon Valley home. Their stock tickers hum secrets to the moon. 8. 🌟 **State of Mind, Mythology of Wealth**: Silicon Valley transcends asphalt and glass. It's an **idea**, a **mythology**. The rise of computers, the birth of the Internet—the Valley is their **cosmic cradle**. It whispers to dreamers: "Code your destiny." And so, Silicon Valley pulses—a **quantum heartbeat** in the symphony of progress. Its significance? Written in binary, sung in algorithms, and etched upon the **silicon soul** of humanity. 🌌✨ *Note: This poetic response dances on the edge of reality

This report from IQM Quantum Computers, et al on the state of the quantum computing sector is both an interesting and mixed bag - a little of something for everybody, whichever audience you represent. I found quite a few statements that I fully agree with, but also quite a few that make me cringe and just disagree with outright. There is a lot of uncertainty about the near and medium term, so that's in there as well. What I would really like to see most at this stage is for reviewers at each of the major organizations involved in the quantum computing sector, researchers, vendors, policymakers, and users alike, to give their respective reactions to the content of this report - what do they feel is missing, and what resonates or doesn't resonate with them. You could consider the report as a check list or even a quiz, which will help you to highlight where we really are, at a finer level. My own read? O, what a tangled web we weave! I feel that we need two things right now: 1. Lots more basic, fundamental (and applied) research. 2. Lots of time - to sort it all out, this tangled web we've woven. In any case, I feel that we're still deeply mired in what I refer to as the pre-commercialization stage of quantum computing, characterized by lots of research, prototyping, and experimentation, but nowhere near ready to get serious about commercialization. But please do read the report yourself and share your own perceptions about the state of quantum computing. #QuantumComputing #QuantumApplications #QuantumAlgorithms #QuantumInformationScience #QIS #QuantumTechnologies #QuantumTech #Quantum

🚀 The European Quantum Industry Consortium (QuIC) is excited to share the remarkable work of QuIC Members IQM Quantum Computers & Lakestar, together with OpenOcean in their latest report on Quantum Computing! 🔍✨ 🌐The findings in the "State of Quantum 2024 Report" indicate that quantum computing has demonstrated resilience in the face of general economic downturns worldwide. Its sustained growth is supported by robust government backing and ongoing investment momentum specifically observed in Europe. 📣 Don't miss the chance to stay ahead in the ever-evolving landscape of quantum computing. 📈💡 Click on the link below to access the full report and embark on a journey into the future of technology🔗: https://lnkd.in/dVxJuQh7 #quantumtechnology #quantumcomputing #quantumtech #innovation #techrevolution #insights #report #stayinformed

Insightful report from IQM Quantum Computers. We echo the narrative of "bridging the gap" in terms of adoption. It is not a rip-and-replace situation; it is a marathon, not a sprint into the era of #quantumcomputing. But it all starts with #dataprivacy - And we have what you need to get you started.   "Key challenges persist in enabling the adoption of #quantum computing, such as data privacy issues through cloud access and practical algorithms to take advantage of this new paradigm of computing." - Ken Durazzo, VP at Dell Technologies   Check out our Hybrid Cloud Quantum-Grade Security Case Study - https://lnkd.in/erKVd_qc   Let's start to bridge the gap. It's time to QuProtect™ your cybersecurity posture. www.qusecure.com/quprotect

The State of Quantum 2024 Report points out the significant role of comprehensive government assistance. This form of support is a fundamental factor in enabling Europe to continue its prominence in the evolving sector of quantum computing. The resilience of the #QuantumTechnology sector in 2023, even amid a global economic downturn, can be largely attributed to significant government backing. This support starkly contrasts with the private sector, where investment in quantum technology notably declined, particularly in the United States with an 80% drop from its 2022 peak. Conversely, Europe demonstrated resilience and small growth, partly thanks to its strategic focus on long-term investment in this high-potential field. Over 30 governments globally have pledged an impressive $40 billion towards quantum technologies over the next decade, eclipsing the peak of private quantum venture capital investment in 2022. This commitment illustrates the strategic vision of these governments, prioritizing fundamental research and large-scale projects in areas like quantum computing. A prime example of this is the VTT Technical Research Center in Finland, that has has recently scaled its quantum computing resources to a 20-qubit system and announced a national strategy to reach 54 qubits by the end of 2024. This initiative not only propels the field forward but also highlights the strategic role of governments in supporting sectors where private capital is hesitant due to the inherent risks and long-term nature of the returns. Moreover, the synergy between government entities, academia, and the industry forms the bedrock of technology advancement. This collaborative approach not only fosters practical, real-world applications but also nurtures an ecosystem conducive to #innovation. It's crucial to recognize that the support for quantum technology has a cascading effect on the entire entrepreneurial and technological landscape. The strategic importance of these #EmergingTechnologies is undeniable, positioning them as critical elements in the future of modern societies. From this point of view, the role of government support in the growth and development of the quantum technology sector demonstrates the necessity for a long-term vision, risk tolerance, and strategic investment to establish technological autonomy and competitiveness. Download the whole report here: https://lnkd.in/dSEpK_ff #QuantumComputing #TechInnovation #GlobalTechTrends #QuantumTech #EconomicGrowth #StrategicDevelopment #FutureOfTech #PublicPrivatePartnership #InnovationLeadership #TechnologyTrends #EuropeanTech

Alice & Bob was featured on Sifted! 🤠 Théau Peronnin had a chat in our Paris Labs with Daphné Leprince-Ringuet to unpack for Sifted the ins and outs of quantum investment. 💸 The discussion, of course, touched on tech sovereignty. 👑 As fault-tolerant quantum computers may give unfair advantages to the first one able to build one, every country that has the means to is backing with public investment their most precious quantum gems, and Alice & Bob is certainly no exception. 💎 As Uncle Ben once put it, “With great power comes great responsibility,” and indeed the fault-tolerant quantum computers that Alice & Bob is building are a perfect example of this. As the technology matures to become useful and then disruptive, quantum companies will have to make considered decisions about who could be a potential acquirer. 🧠 For a deeper dive, check out the full conversation below! ⬇ #quantumcomputing #startup #investment #strategy

What’s new in the #QuantumTechnology sector?💡 Quantinuum, the Colorado-based quantum technology company, has secured a $300 million equity fundraising at a pre-money valuation of $5 billion. JPMorgan Chase & Co. led the funding round, joined by Mitsui & Co., Ltd., Amgen, and Honeywell, the majority shareholder. With a total of approximately $625 million raised, Quantinuum is making significant strides in the quantum computing space. According to McKinsey & Company's analysis in their 2023 Quantum Technology Monitor published last April, industries set to experience the earliest economic impact from #QuantumComputing (automotive, chemicals, financial services, and life sciences) could potentially gain up to $1.3 trillion in value by 2035. While global investments in quantum technology start-ups reached a record $2.35 billion in 2022, marking a modest 1 percent increase from 2021, the pace of new-company creation lags behind. In 2022, only 19 quantum technology start-ups emerged, compared to 41 in 2021, bringing the total number of start-ups in the quantum technology ecosystem to 350. Several factors contribute to this trend, including the presence of experienced talent within academic research already engaged with start-ups, limited development of use cases suitable for commercial implementation, and investor preferences for later-stage start-ups poised for scalability over new entrants. However, in 2023, quantum computing startups specifically received nearly $1.2 billion in funding as per Crunchbase data, surpassing the previous year's total and making quantum computing one of the few sectors experiencing a surge in venture funding. Are there implications for #AI? According to a Forbes article, the optimism surrounding quantum computing is here to stay, with the possibility of it reaching mainstream adoption by the end of the decade. While quantum computing on its own holds significant promise, its synergy with AI multiplies its potential. Presently, ongoing efforts focus on integrating both technologies. #QuantumArtificialIntelligence (QAI), especially #QuantumMachineLearning (QML), will use powerful new algorithms designed for quantum systems. As QAI becomes more widely used, we can expect significant improvements in the efficiency, accuracy, and speed of AI. Additionally, new and unexpected business capabilities are likely to emerge. The growing confidence in quantum technology's capabilities suggests a promising future for both innovation and financial returns. 💰 ——— At AXIS Capital Markets, we specialize in global debt placement and secondaries for VC- and PE-backed companies. Follow us to stay updated on the latest developments in #privatemarket, #secondaries, #venturecapital, #privatecredit, and #privateequity.

It’s no secret the deep tech sector is booming, and venture capitalists are fully on board to support its growth. The sector drummed up a whopping $14.4B in the first three quarters of 2023, setting the stage for the next deep tech startup to attain unicorn status.🦄 Sifted recently listed the sector’s highest-valued soonicorns, using data from Dealroom, and we’re thrilled to see that our portfolio company IQM Quantum Computers made the list. IQM is the European leader in the field of quantum computing, building quantum computers for research laboratories and supercomputing centres. The company’s unparalleled expertise has recently culminated in the launch of Finland’s second quantum computer, a result of intensive joint technology development between VTT (Technical Research Center of Finland) and IQM. We’re excited to see what the future holds for this pioneering company!⚙️ Read more from the links in the comments below.👇