Dive Brief:
- By 2035 quantum technology may generate as much as $2 trillion in value for businesses focused on finance, chemicals, life sciences and mobility, McKinsey said in a report.
- As officials recognized the potential commercial and strategic benefits, spending on quantum technology by the U.S. and other governments last year rose more than 50%, totaling nearly one-third of long-term investment in such innovation, according to McKinsey. Investors in quantum technologies have largely focused on the U.S., which has netted more than twice the funding of the U.K, the No. 2 investment target.
- Venture capital firms primarily focused on established start-ups, channeling 75% of total investment value in series B funding rounds, McKinsey said. “This suggests the establishment of more-mature technological platforms for quantum computing and signals investors’ potential risk aversion to early-stage start-ups and unproven technologies or approaches.”
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