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Elevate Quantum, of which CU Boulder is a key partner, announced today that it has received a Tech Hub Phase 2 implementation award from the Department of Commerce, unlocking more than $127 million in new federal and state funding. 

The award is expected to drive more than $2 billion in additional private capital and cement the Mountain West as a global leader for quantum innovation. 

“It is truly extraordinary to be joining Elevate Quantum and the vibrant quantum community it represents at a pivotal time like this,” said CU Boulder Chancellor Justin Schwartz, who began his post as CU Boulder’s 12th chancellor a day earlier. “I’m eager to help drive innovation and impact on campus and across the regional quantum ecosystem as we collectively cultivate a next-generation economy and workforce.”

CU Boulder and NIST engineering, physicists leadership and students gather for the ribbon-cutting and mixer to celebrate the opening of the Quantum Engineering Initiative (QEI) Lab space in the CU Engineering Center on May 16, 2023. (Photo by Glenn J. Asakawa/CU Boulder)

In 2023, the U.S. 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 $1 billion in federal investments over the next decade. With $40.5 million in initial EDA funding from the Department of Commerce and matching funds from Colorado ($77 million) and New Mexico ($10 million), today’s investment represents a down payment on the next 50 years of U.S. 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. The award marks the first large-scale, place-based federal investment in quantum.

“The Mountain West is home to the largest regional coalition of quantum leaders in thworld; this funding cements our status as the capital of quantum and supports us in building a thriving future for all Americans,” said Zachary Yerushalmi, CEO of Elevate 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.”

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

• 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.
• 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. These facilities will include a university quantum incubator in Boulder funded by up to $29 million in state investment through refundable tax credits.
• 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.

CU Boulder hosts leaders from across the state, including higher education, skill-building organizations, industry and government, to identify needs and develop a vision in October for a Colorado Quantum Education and Workforce Roadmap. (Photo by Patrick Campbell/CU Boulder)

The EDA’s decision has been met with enthusiasm from key supporters across the region in Colorado, Wyoming and New Mexico.

“This decision shows that America is serious about being a leader in quantum technology,” Colorado Gov. Jared Polis said. “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.”

Mountain West quantum ecosystem

The Mountain West is at the vanguard of quantum discovery; the region is home to four Nobel laureates affiliated with CU Boulder 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, about 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. Quantum jobs have a median wage of  more than $125,000 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, Elevate Quantum leaders say.

"This Phase 2 Quantum Tech Hub award will provide unprecedented opportunities for CU Boulder and other Colorado research institutions and businesses to translate cutting-edge quantum research into real-world impact for Colorado’s people and economy,” said Massimo Ruzzene, CU Boulder vice chancellor for research and innovation and dean of the institutes.  

What they’re saying

“I’m thrilled our state is receiving this quantum award, and the University of Colorado, through the efforts of the Boulder campus, is truly at the forefront of advancements being made in quantum research; the work is extraordinary.” –CU President Todd Saliman 

“We passed the bipartisan CHIPS and 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.” –Sen. Michael Bennet

“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.” –Sen. John Hickenlooper 

“In being named the nation’s leading quantum Tech Hub, Elevate Quantum, Colorado, and the Rocky Mountain West have solidified their position as the leaders of the quantum revolution. Today’s designation will have a tremendous impact on our state and will propel our innovation economy to the next level.” –Rep. Joe Neguse 

“As an entrepreneur who has built three tech decacorns, what excites me most is that this success is built on determination, scrappiness, and vision—the ingredients that have shaped the most historic ecosystems and companies of our time.” –Dan Caruso, Caruso Venture

Title image: Scott Diddams (Electrical Engineering, Physics) and graduate students Pooja Sekhar and Molly Kate Kreider (Frequency Combs & Quantum Metrology Group) manipulate an optical frequency comb in the Engineering Center lab at CU Boulder.