Start-Up Funding for UK Quantum Research
Quantum start-ups and researchers will share a ￡54 million (US$ 69 million) fund for the advancement of UK quantum technology. This project is being funded by the UK Research Innovation (UKRI) Technology Mission Fund and will invest in non-computer applications, hardware, and #software. Industry experts applaud the decision and claim that as the technology develops, it will help the UK gain an advantage as an early adopter.?
Science Minister George Freeman announced during London Tech Week and reaffirmed that it was in addition to the ￡2.5 billion (US$ 3.1 billion) funding already announced for quantum technologies over the following ten years as part of the #national #quantum #strategy. Thus, these types of steps by the company create a positive influence on the global Quantum Technologies market. In addition, according to a research report published by Astute Analytica , the Global Quantum Technologies Market is expected to grow at a #cagr of 21.47% during the forecast period from 2023 to 2031.?
Enterprises and universities will have access to the funds. Twelve projects working on quantum positioning, navigation, and timing (PNT) projects will each receive ￡8 million (US$ 10.2 million) in grants. Another ￡6 million (US$ 7.6 million) will be distributed among 19 feasibility studies for quantum computing applications and 11 projects creating software for quantum machines. ?
The majority of the funds ￡25 million (US$ 31.9 million) will support seven further initiatives that will create PNT #applications with quantum capabilities. The companies developing the technology will receive this cash, which is provided by the Small Business Research Initiative.?
Although #quantum computing receives most of the attention and excitement, other quantum physics-based technologies are #expected to have more practical uses right away, such as the vast field of PNT.?
The team behind one of the Imperial College-led PNT research projects hopes to create a new class of sensor technology that can be utilized underground or underwater in places where global #navigation satellite systems (GNSS) systems like GPS are inaccessible.?
The GNSS system is #susceptible to bad weather and can be jammed. Experts are attempting to resolve this issue as it also has difficulties in some regions. The Imperial team is collaborating with #transport for London to test their quantum sensor technology, which they claim might deliver precise positional data underground.?
The researchers will test the new technology on trains using the grant money. As a result, their maintenance and control systems will be improved, and they will be able to identify any train's location inside the network with a high degree of accuracy.?
Quantum funding: real-world applications and software ?
National Quantum Computing Centre (NQCC) is supported by eleven software-related grants to enhance algorithms that deal with quantum technology. A new generation of compilers will be created as part of one of these projects, which is being led by the University of Oxford and will enable them to convert human-written code into executable code for quantum processors. ?
Investigations exploring how money laundering can be stopped via quantum machine learning, as well as use cases in healthcare like patient triage and allocation, will be funded by grants for enterprises.?
The NQCC also announced an additional ￡30 million (US$ 38 million) towards testbeds for quantum computing, or early versions of quantum computers. They will work to support the continued development of a UK quantum computing industry that will be able to provide a quantum advantage by 2025.?
Riverlane's quantum engineering company's CEO and founder, Steve Brierley, welcomed the action for advancing investment in quantum technologies. The tremendous prospects for innovation and human improvement that quantum offers. In addition, he said that "This a smart fund that can deliver huge returns for the UK's long-term economic growth and competitiveness. People are all leveraging the UK's early-mover advantage in quantum computing, which has already produced impressive results thanks to wise investment over the past ten years.”?
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Brierly added, “Some claim that the UK can't take the lead in expanding quantum computing since other countries and tech companies have bigger budgets. He respectfully submits that people disagree fundamentally.”?
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