The University of Chicago will partner with International Business Machines Corp. and Alphabet Inc.’s Google in deals totaling as much as $150 million aimed toward the development of quantum computing.
IBM’s vision centers on a quantum-centric supercomputer, the University of Chicago said in a statement. The company will develop blueprints with the University of Chicago and the University of Tokyo over 10 years in a plan valued at $100 million.
The partnership between the universities and Google will invest as much as $50 million toward accelerating the creation of a fault-tolerant quantum computer and developing the quantum workforce over 10 years.
The third-largest US city is working to bolster its economy after the departure of major companies including billionaire Ken Griffin’s Citadel and Boeing Co. Empty office buildings and vacant downtowns threaten the city’s financial clout. Now, the Windy City is turning to quantum computing as a long-term investment.
Read more: Chicago Bets on Quantum Tech as ‘Next Big Thing’ for Its Future
Chicago has a head start in quantum computing, with the state of Illinois already receiving 40% of all federal dollars for the technology. The city has a quantum network stretching about 124 miles between the Chicago Quantum Exchange and the US Energy Department’s Argonne National Laboratory.
A major allure of quantum technology is its promise of making everything online more secure and rapidly decreasing processing times. While this may still be a long way off, major tech companies are spending to streamline this goal into reality.
Quantum computing can strengthen the finance industry by helping algorithms sift through large amounts of data and solve complex mathematical problems in a fraction of the time of a traditional computer.
Read more: Why Quantum Computers Will Be Super Awesome, Someday: QuickTake
“Through these partnerships, we will develop the research and engineering environment necessary to advance quantum science discoveries and build the workforce of the future,” said David Awschalom, the school’s Liew Family Professor in Molecular Engineering and Physics.
