WATERLOO, ON--(Marketwired - May 01, 2014) - The Province of Ontario renewed its investment in world leading quantum technology research today allotting $25 million to the Institute for Quantum Computing at the University of Waterloo over five years.
"We are extremely grateful that the Province of Ontario continues to create the conditions for Ontario, and Canada, to lead the world in quantum information research," said Feridun Hamdullahpur, president and vice-chancellor of Waterloo.
The Institute for Quantum Computing (IQC) at Waterloo is among the top five quantum research institutes in the world. It brings together researchers from the Faculties of Science, Engineering and Mathematics at the University of Waterloo and has attracted investment from the private sector as well as the provincial and federal governments.
Quantum information science and its resulting technologies have the potential to fundamentally affect the ways we work, communicate and live. As quantum information research matures from theory to experiment, transformational technologies are spawning an entirely new industry -- quantum information technology.
"Today's support for IQC further positions Waterloo to take full advantage of the opportunities that quantum information science present," said Professor Raymond Laflamme, executive director of IQC. "The discoveries in our labs and the technologies our researchers are creating will drive the growth of Canada's Quantum Valley. Entirely new quantum industries will grow and thrive here."
The Province of Ontario made a $50M investment in IQC in 2006. IQC has also attracted more than $300 million in investments from the Government of Canada, Mike and Ophelia Lazaridis and the University of Waterloo. The investment has allowed IQC to make significant strides:
The Government of Canada announced in February a further $15 million for IQC over three years.
- The University of Waterloo established IQC in 2002 to be a world leader in the field of quantum research with funding from the Canada Foundation for Innovation, the Ontario Innovation Trust, and from Mike and Ophelia Lazaridis.
- IQC benefactors Mike Lazaridis and Doug Fregin announced the creation of Quantum Valley Investments in 2013, an investment fund worth $100 million.
- IQC research bridges theory and experiments in quantum computing, quantum communication and other quantum devices and quantum materials through the collaboration of more than 200 computer scientists, engineers, mathematicians, physical scientists and students.
- IQC recently attracted researchers Michal Bajcsy from Stanford University, Kyung Soo Choi from Korea Institute of Science and Technology (KIST) and renowned physicist Raffi Budakian from University of Illinois at Urbana-Champaign to grow its faculty complement to 21. IQC continues to grow towards its target of 33 faculty, 55 postdoctoral fellows and 165 graduate students.
About the University of Waterloo
In just half a century, the University of Waterloo, located at the heart of Canada's technology hub, has become one of Canada's leading comprehensive universities with 35,000 full- and part-time students in undergraduate and graduate programs. Waterloo, as home to the world's largest post-secondary co-operative education program, embraces its connections to the world and encourages enterprising partnerships in learning, research and discovery. In the next decade, the university is committed to building a better future for Canada and the world by championing innovation and collaboration to create solutions relevant to the needs of today and tomorrow. For more information about Waterloo, please visit www.uwaterloo.ca.
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