Connect with us

Hi, what are you looking for?

Business

UK risks falling behind in global quantum computing race, warn start-up founders

Cuts to public funding for quantum computing research could jeopardise decades of investment and leave the UK dependent on other countries for access to cutting-edge technology, according to the founders of leading UK quantum start-up, Phasecraft.

Ashley Montanaro and Toby Cubitt, co-founders of Phasecraft—a company that spun out from University College London and the University of Bristol—warned that quantum computing is at a “critical juncture.” They expressed concerns following the UK government’s decision in August to withdraw £1.3 billion in promised funding for technology and AI projects, which has sent shockwaves through the industry.

As venture capital investment in quantum computing continues to decline, experts fear that the UK will struggle to keep pace with the United States and China. Cubitt, Phasecraft’s Chief Technology Officer, stated that the leading nations in quantum computing will gain not only direct benefits but also technical, manufacturing, and commercial advantages. Those left behind, he warned, will be dependent on the “goodwill of others” to access the benefits of quantum advances.

Montanaro, the company’s CEO, highlighted the critical role of government funding, which remains the primary source of support for start-ups. He emphasised that the US and China have both heavily invested in quantum, recognising the sector’s long-term potential.

Phasecraft, founded in 2019, focuses on developing algorithms that bring quantum computing closer to practical applications. The company has secured $21 million in funding and recently expanded to the US, attracting top talent like Steve Flammia, former principal research scientist at Amazon Web Services.

In a paper, Montanaro and Cubitt called on the UK government to maintain public investment in quantum computing until the sector can sustain itself, cautioning that failure to do so could squander the UK’s competitive edge. They also urged the government to avoid regulations that stifle international collaboration, warning that innovation will inevitably find a way forward, despite barriers.

Quantum computing, which promises to revolutionise industries like drug discovery, material science, and energy optimisation, could generate significant global economic impact. McKinsey estimates potential gains of up to $2 trillion by 2035, with quantum computing alone contributing nearly $1.3 trillion.

Despite the withdrawal of the £1.3 billion in funding, the UK government maintains its commitment to quantum technologies, recently announcing £100 million for new research hubs, including a quantum computing hub at the University of Oxford. A Department for Science, Innovation, and Technology spokesperson emphasised the government’s focus on supporting the UK’s quantum sector and taking a long-term approach to research funding to secure the UK’s position in global innovation.

Read more:
UK risks falling behind in global quantum computing race, warn start-up founders

Advertisement

    You May Also Like

    Investing

    RevisingTheBankSecrecyAct_NorbertMichelAndJenniferSchulp_CMFAWP007   The post Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals (CMFA Working Paper No.007) appeared first on Alt-M.

    Investing

    Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the...

    Business

    Rollee enables worker’s to share their professional data, spread over one or more financial platforms. Ali Hamriti, CEO and Co-Founder of Rollee, is on...

    Business

    The energy crisis means that as the price of wholesale commercial energy hits an unprecedented high, businesses must pay notably more for their energy...

    Disclaimer: successfuldealnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 successfuldealnow.com | All Rights Reserved