COLLEGE PARK, Md., April 23, 2021 /PRNewswire/ — The College of Maryland has launched a brand new enterprise growth arm to nurture quantum-focused startups. The Quantum Startup Foundry—created via an preliminary $25 million funding from the college’s newly established Discovery Fund, and with key funding from the state of Maryland—will help new companies within the quantum expertise area.
College of Maryland President Darryll J. Pines introduced the Quantum Startup Foundry at an occasion honoring UMD’s innovations, startups, mentors and pupil entrepreneurs. Pines stated the quantum expertise area stands “poised to disrupt all the pieces from cybersecurity and vitality, to medical discoveries and the monetary area.”
The brand new Quantum Startup Foundry can be backed by a $10 million capital funding for quantum services and supported by UMD’s standing as one of many world’s main facilities for quantum science analysis. The Quantum Startup Foundry will assist cement UMD’s and the area’s place as “the Capital of Quantum,” stated President Pines.
The Quantum Startup Foundry additionally attracts from the Mid-Atlantic Quantum Alliance (MQA)—comprised of universities, main firms, startups, and authorities labs. The 24-member MQA is a quickly rising hub of quantum expertise analysis, growth, innovation and training organized and facilitated by UMD. For greater than a yr, Mid-Atlantic Quantum Alliance workgroups have been creating methods for MQA members to simply collaborate, team-up to pursue alternatives, educate the general public concerning the promise of the second quantum revolution, and share sources, services, tools, experience and information.
The concept for the Quantum Startup Foundry grew from work of the MQA, in keeping with UMD Chief Innovation Officer Julie Lenzer, who additionally leads the Quantum Startup Foundry (QSF). The advisory board members of the brand new QSF are all a part of the alliance, stated Lenzer.
Lenzer stated that the QSF will work to allow quantum expertise breakthroughs. The foundry will search to launch and develop new startups and join quantum companies with mentors, current corporations, and infrastructure—all to create or advance applied sciences that use rules of quantum physics.
Lenzer stated that via UMD’s worldwide incubator, the QSF additionally will have the ability to present a touchdown spot for worldwide quantum startups.
“Whereas the promise of quantum could seem far off, it is not,” Lenzer stated. “The longer term is quantum, and it begins now.”
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SOURCE College of Maryland