The National Reconstruction Fund Corporation (NRFC) announced a AU$20 million (approximately US$14 million) strategic equity investment in Diraq, a Sydney-based quantum computing startup spun out of UNSW Sydney in 2022. The NRFC said the funding would support research, product development, and commercialization as Diraq worked toward delivering a quantum computer capable of genuine quantum advantage by 2029.
Diraq develops quantum processors using silicon quantum dot technology built on CMOS-based architecture, allowing it to use existing semiconductor manufacturing. The company employed over 70 staff and PhD students in Sydney at the time of the announcement.
NRFC CEO David Gall said the investment was “in line with the Australian Government’s national strategy to grow the quantum industry in Australia.” Diraq was one of 11 companies globally to advance to Stage B of the U.S. Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative. Existing investors included Main Sequence Ventures, Quantonation, and several Australian superannuation funds.