July 2, 2024

Elevate Quantum Awarded $127 Million to Secure US Leadership in Quantum Technology

Elevate Quantum Logo

July 2, 2024

Elevate Quantum Awarded $127 Million to Secure US Leadership in Quantum Technology

Elevate Quantum Logo

Federal and State Funding to Support Elevate Quantum’s Efforts to Create 10,000+ New Quantum Jobs, Educate 30,000 Workers Over the Next Decade

DENVER, Colo. July 2, 2024 – Today, Elevate Quantum announced that it has received a Tech Hub Phase 2 Implementation award from the Department of Commerce, unlocking more than $127m in new federal and state funding. The award is expected to drive more than $2bn in additional private capital and cement the Mountain West as a global leader for quantum innovation. 

In 2023, the US Department Of Commerce’s Economic Development Agency (EDA) designated Elevate Quantum as one of 31 regional Tech Hubs out of nearly 400 applicants, making it eligible for up to $1b in federal investment over the next decade. With $40.5m in initial EDA funding from the Department of Commerce and matching funds from Colorado ($77m) and New Mexico ($10m), today’s investment represents a down payment on the next 50 years of US quantum leadership. Developed under the CHIPS and Science Act, Tech Hub designation is a novel tool to direct domestic investment to globally competitive innovation centers within the U.S. 

“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.” 

Combined, these federal and state investments will enable the following milestones by 2030:

  • Creation of over 10,000 quantum jobs: Filling critical roles across the Mountain West quantum ecosystem, up to 80% of these jobs will be for non-advanced degree holders and offer a median salary of $125,000 per year. 
  • Establishment of world-class open-access quantum facilities: Access to hardware and fabrication capabilities is a major obstacle to Quantum Innovation. This funding will ensure that researchers and entrepreneurs in the region will have unmatched access to world-class hardware and services. 
  • Activation of over $2 billion in private capital for quantum: This investment will support quantum startups and scale-ups, driving economic growth and technological advancement in the region.
  • Development of a first-class workforce: Our goal is to ensure that the quantum century is diverse, inclusive, and just; we’re filling a growing share of key roles with individuals from historically underserved populations, reflecting our commitment to activating talent from all communities in the region.

“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 $960m in additional potential funding available from the federal government over the next decade and billions in play from the private sector.”

Regional Voices

The EDA’s decision has been met with enthusiasm from key supporters across the region.

“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,” said Colorado Governor Jared Polis.

The neighbors to the south seem equally optimistic. 

“Tech Hub designation is only the beginning for the quantum industry in New Mexico,” said Governor Michelle Lujan Grisham. “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 agreed that the award establishes the region as the center of national quantum innovation. Said Bennet, “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.” 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.”


The Mountain West Quantum Ecosystem

The Mountain West is at the vanguard of quantum discovery; the region is home to four Nobel laureates in quantum physics, three National Labs and more than 40 federally funded research labs. 

Regional leadership in fundamental research has translated to commercial success. Today, around 3,000 Colorado workers power dozens of leading-edge quantum companies – making Colorado the largest cluster of quantum businesses in the nation. Local quantum companies have already attracted over $1 billion in venture capital investment, with five of the top 20 VC-backed quantum companies located in Colorado – more than any other state. That number is projected to skyrocket over the next decade, adding tens of thousands of quantum careers across the region. Today, quantum jobs have a median wage of  more than $125k and the majority do not require advanced degrees.

The quantum revolution isn’t confined to labs and research centers. It’s creating thousands of high-paying jobs for welders, fabricators, and technicians. The EDA’s investment in Elevate Quantum is an investment in widespread economic prosperity, ensuring that as America leads in quantum technology, it is also building a robust, inclusive economy for the Mountain West and beyond.

About Elevate Quantum

Elevate Quantum, Inc. (EQ) is a 501c3 non-profit organization dedicated to advancing quantum information technology through research, innovation, and collaboration. By fostering a vibrant startup ecosystem and providing world-class resources, Elevate Quantum aims to secure the Mountain West’s role as a global leader in quantum technologies, ensuring regional economic growth and national security far into the future.

For more information, visit www.elevatequantum.org.