University of Maryland’s Quantum Startup Foundry has been established with a $25m investment to support the development of quantum technologies.
University of Maryland (UMD) has launched a business development arm that will seek to launch and grow quantum technology companies.
The Quantum Startup Foundry was set up through an initial $25m investment from the university’s Discovery Fund and is also backed by a $10m capital commitment for facilities.
The foundry will aim to support quantum technology breakthroughs and, apart from launching new businesses, will also seek to connect companies with mentors, existing firms and infrastructure.
The foundry will be led by Julie Lenzer, chief innovation officer of UMD. It will link up with the university’s incubator to attract international startups.