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EU Seeks Private Investment to Lead Quantum Technology by 2030

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The European Union is turning to private funding to strengthen its position in quantum technology, aiming to reduce dependence on the U.S. and China, EU tech chief Henna Virkkunen announced Wednesday. Quantum computing promises vastly faster processing speeds than traditional computers and could revolutionize various sectors, potentially generating trillions of dollars in value over the next decade, according to McKinsey.

Virkkunen highlighted that while Europe has already invested over 11 billion euros ($13 billion) in public funding for quantum technology over the past five years, only 5% of global private investments flow to Europe. To address this gap, the EU plans to intensify efforts to attract private capital in the coming months.

The EU Quantum Strategy also calls for greater collaboration among member states to pool expertise, enhance research and infrastructure, and support a vibrant ecosystem of startups and scale-ups. A key focus is helping startups avoid acquisition by foreign entities or relocation to regions with better funding opportunities.

Looking ahead, the European Commission intends to propose a “Quantum Act” next year to build on the strategy and further promote Europe’s quantum ambitions.

IBM Targets Practical Quantum Computer by 2029, Reveals Roadmap for Larger Systems

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IBM announced on Tuesday its goal to deliver a practical quantum computer by 2029, detailing the steps it will take to achieve this milestone. The company also plans to develop a much larger quantum system by 2033.

Quantum computers utilize principles of quantum mechanics to solve complex problems that classical computers could take thousands of years to address. However, current quantum machines dedicate significant resources to error correction, limiting their overall speed advantage.

IBM aims to build the “Starling” quantum computer at a new data center under construction in Poughkeepsie, New York. The system is expected to feature about 200 logical qubits—units of quantum information—enough to demonstrate computational advantages over classical systems.

Competing alongside tech giants Microsoft, Google, Amazon, and various well-funded startups, IBM confronts the challenge of qubit errors by innovating in error-correction algorithms. Since 2019, IBM has adopted a novel approach by designing error-correction methods suited to practical, buildable chips rather than purely theoretical designs.

Jay Gambetta, IBM’s vice president of quantum initiatives, emphasized that the company has resolved the fundamental science questions and now faces a significant engineering challenge to scale up quantum systems. “We’ve answered those science questions. You don’t need a miracle now,” he said. “Now you need a grand challenge in engineering.”

IBM plans to release a series of quantum systems between now and 2027, paving the way toward the more powerful machines targeted for 2029 and beyond.

China to Launch National Venture Capital Fund to Support Tech Startups

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China is set to establish a government-backed national venture capital guidance fund, which aims to mobilize 1 trillion yuan ($138.01 billion) from social capital to support technology startups. The fund will primarily focus on “hard technology” sectors, such as semiconductors, renewable energy, artificial intelligence (AI), quantum technology, and hydrogen energy storage, according to Zheng Shanjie, head of China’s state planner, the National Development and Reform Commission (NDRC).

This new investment vehicle will be structured as a public-private partnership, and it is designed to maintain long-term investment cycles, demonstrating greater risk tolerance. The goal is to support early-stage technology enterprises through market-based methods, allowing for greater flexibility and innovation.

The announcement came a day after Premier Li Qiang told lawmakers that China aims to sustain economic growth at approximately 5% this year, despite challenges posed by tariff pressures. As part of broader efforts to foster technological breakthroughs and enhance self-reliance, China also stated it would bolster support for AI application and venture capital investment.

The fund will prioritize cutting-edge technologies like AI and quantum computing, alongside energy innovations such as hydrogen energy storage. It will focus on investing in seed-stage and startup companies, leveraging market-oriented approaches to drive growth in these strategic areas, as reported by state media CCTV.