NRFC Backs Diraq to Lead Global Race to Utility-Scale Quantum Computing

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Diraq has secured a strategic $20 million equity investment from the National Reconstruction Fund Corporation (NRFC) backing the company’s ambition to become the global leader in the development of utility-scale quantum computing and deliver its first product by 2029, a quantum computer capable of genuine quantum advantage.

Diraq Founder & CEO Andrew Dzurak said, "We are at a pivotal moment where years of breakthrough research is transitioning into a commercial reality that will redefine future computing. Australia has always been a quantum powerhouse in the lab and, with the NRFC’s backing, we are ensuring it becomes a quantum powerhouse in the market. I’d like to thank the NRFC for its support, which is precisely the type of mandate the Corporation was created to fulfill. By backing Diraq, the NRFC is not just investing in a company; it is helping to building a sovereign, advanced manufacturing capacity that will allow Australia to lead the next era of computing.

"This investment arrives as Australia builds its strength in critical technology infrastructure, particularly within our booming data centre sector. Diraq’s quantum computers are natively designed to integrate seamlessly with existing data centres, offering a unique, homegrown advantage. By leveraging Australian quantum expertise, local businesses—from energy providers optimising the power grid to defence and pharmaceutical innovators—can gain a decisive competitive advantage in the global market, ensuring Australia captures the full economic value of its inventions."

NRFC CEO David Gall said, “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 revolutionise the industry. Diraq’s growth prospects are immense, and the company represents the exact kind of high-value, transformative manufacturing the NRFC was created to support."

Diraq is backed by global deep-tech investors including ICM and Quantonation, and has attracted investment from Australian superannuation funds Hostplus, NGS Super and UniSuper, in addition to Australian investors John Higgins Family Office, Taronga Ventures, Main Sequence Ventures, Co:Act Capital and Uniseed.

The company recently launched operations in Melbourne, in addition to its two hubs in Sydney, and has U.S. operations in Palo Alto, Boston and Chicago.

Main Sequence Ventures Investment Manager Alejandra Romero, said, "At Main Sequence, we look for 'unfair advantages'. Diraq has the ultimate edge: they are the only players capable of putting millions of qubits on a single chip using the world’s existing multi-trillion-dollar silicon supply chain. While other quantum approaches require exotic materials or massive footprints, Diraq scales. The team has progressed rapidly in a few short years establishing partnerships with global technology leaders, including Dell and Nvidia, that recognise the opportunity and want to partner with Diraq to integrate the company’s quantum technology.”

Diraq’s quantum computers store information in silicon-based quantum bits, known as “qubits”. Diraq’s proprietary technology enables millions of qubits to be placed on a single chip, meaning Diraq is able to produce compact computers - minimising the intensive cooling facilities required - and deliver practical quantum computing that is both cost-and-energy efficient.  

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

David Gall, NRFC CEO, and Andrew Dzurak, Diraq CEO, standing in front of cryogenic fridges at Diraq’s laboratory