Elevate Quantum Comments on Quantum Innovation Hub Funding Boost

Insider Brief

• The U.S. Department of Commerce’s Economic Development Agency (EDA) designated Elevate Quantum as one of 31 regional Tech Hubs in 2023.
• Elevate Quantum said in a statement that the Tech Hub Phase 2 Implementation grant will unlock over $127 million in new federal and state funding.
• Nearly 400 organizations applied for the designation and funding.

Elevate Quantum said in a statement that the Tech Hub Phase 2 Implementation grant by the Department of Commerce, will unlock over $127 million in new federal and state funding.

This investment is projected to catalyze more than $2 billion in additional private capital, establishing the Mountain West as a global leader in quantum technology, the organization added.

According to the statement, the U.S. Department of Commerce’s Economic Development Agency (EDA) designated Elevate Quantum as one of 31 regional Tech Hubs in 2023, out of nearly 400 applicants. This designation, part of the CHIPS and Science Act, makes Elevate Quantum eligible for up to $1 billion in federal investment over the next decade. The current award includes $40.5 million in initial EDA funding, supplemented by $77 million from Colorado and $10 million from New Mexico. This substantial financial backing represents a significant step towards ensuring U.S. leadership in quantum technology for the next half-century.

“This award marks the first large-scale, place-based federal investment in quantum. We are honored to be acknowledged as a driving force in the global race for quantum innovation, and this funding marks a critical milestone in securing U.S. quantum leadership. We thank our partners, consortium members, and the EDA for making this happen,” said Zachary Yerushalmi, CEO of Elevate Quantum. “The Mountain West is home to the largest regional coalition of quantum leaders in the world; this funding cements our status as the capital of quantum and supports us in building a thriving future for all Americans.”

The combined federal and state investments position the ecosystem to reach several goals by 2030, including the creation of over 10,000 quantum jobs, the establishment of world-class open-access quantum facilities, the activation of over $2 billion in private capital for quantum startups and scale-ups and the development of a diverse, inclusive and skilled workforce. Up to 80% of the new quantum jobs will be accessible to non-advanced degree holders, offering a median salary of $125,000 per year.

“This award will be a game-changer for our industry, providing an opportunity for researchers and companies to innovate side-by-side, accelerating the development and commercialization of quantum technologies,” said Corban Tillemann-Dick, Elevate Quantum co-founder and Chair and CEO of Maybell Quantum. “Moreover, today’s award is a down payment on the quantum future, with up to $960 million in additional potential funding available from the federal government over the next decade and billions in play from the private sector.”

The announcement received an enthusiastic reaction from state and regional leaders. Colorado Governor Jared Polis said: “This decision shows that America is serious about being a leader in quantum technology. Colorado is the center of the quantum technology ecosystem, and we are thrilled that the Biden Administration is supporting our work to produce the best minds, research, and innovation in the country.”

New Mexico Governor Michelle Lujan Grisham echoed Polis’s optimism: “Tech Hub designation is only the beginning for the quantum industry in New Mexico. Our state has a long history of innovation and embracing frontier technologies, and it’s possible that quantum-enabled technology could become the most game-changing innovation of this generation. We want to thank Gov. Polis and our counterparts in Colorado, and the Elevate Quantum team, for all the work they’ve done to make the Mountain West the epicenter for quantum-enabled technologies in the United States.”

Colorado Senators John Hickenlooper and Michael Bennet said the impact would be far-reaching.

“We passed the bipartisan CHIPS & Science Act to revive our advanced manufacturing capacity. This funding makes it clear that Colorado and the Rocky Mountain West are at the core of America’s quantum future,” said Senator Bennet. Senator Hickenlooper added, “Colorado is the Silicon Valley of the quantum era, and Elevate Quantum is going to lead us there. This is Colorado’s next great success story.”

Background: The Mountain West Quantum Ecosystem

The Mountain West region stands at the forefront of quantum discovery, boasting four Nobel laureates in quantum physics, three National Labs, and over 40 federally funded research labs. This strong foundation in fundamental research has led to commercial success, with Colorado hosting the largest cluster of quantum businesses in the nation. Approximately 3,000 workers in Colorado support leading-edge quantum companies, which have attracted over $1 billion in venture capital investment.