SFU gets $17 million from BC government to establish quantum research institute

Simon Fraser University (SFU) is receiving $17 million from the government of British Columbia over the next five years to establish the Quantum Algorithms Institute, at its campus in Surrey, BC.

SFU said the institute will focus on building quantum computing software and algorithms, and will collaborate with other research universities in the province. The provincial government said the institute will help grow the Surrey Innovation Corridor, a proposed regional innovation hub aimed to drive economic growth in Surrey and the Fraser Valley region. The university plans to partner with local government, businesses, First Nations, and other partners to develop the new institute.

“Creating an innovation corridor in Surrey and up the Fraser Valley will create good jobs, attract talent, reduce commute times and raise the standard of living,” said BC Premier John Horgan.
“Working with our partners, we will create an innovation hub where companies and talent will cluster, supporting our goal of a strong, sustainable economy that benefits the entire province.

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BC is already home to several startups and organizations specializing in quantum research and products, such as 1QBit and D-Wave, as well as tech giants like Microsoft and IBM. The institute is intended to draw on the province’s research work as well as companies to secure a quantum-focused talent pool in the province. The university will also develop a new graduate degree program in quantum computing.

“Quantum computer solutions will help develop the innovations of tomorrow in sectors such as transportation and logistics, medical research, advanced design, and materials testing,” said Bruce Ralston, the province’s minister of jobs, trade and technology. “Adoption across these sectors is predicted to surpass $450 billion annually. The new institute will train future data scientists who will attract companies worldwide, bringing significant benefit to BC’s economy.”

The government said affordability and access to industrial land are two of the biggest issues constraining growth in BC’s tech sector, adding that Surrey could be a hub of regional economic growth to help mitigate these affordability constraints.

“Funding these kinds of innovative initiatives, especially around education, is an investment in British Columbia’s future,” said Andrew Weaver, BC Green Party caucus leader. “Quantum computing technology is one tool available to build a new, sustainable economy that is not just resilient but is nimble enough to transform British Columbia’s industrial landscape in ways that will benefit people from every area of the province for decades to come.”

To help manage future investments in tech, the BC government developed a Tech and Innovation Policy Framework. In 2018, the province invested more than $700 million to support the province’s innovation ecosystem.

“Surrey’s City Centre has established itself as a hub for innovation and higher learning,” said Doug McCallum, mayor of Surrey. “Our location, along with our expertise and experience make Surrey the ideal place to advance technology and innovation in the province. City council and I look forward to working closely with the BC government to expedite this visionary project that will benefit not only the people of Surrey but all who call BC home.”

Source. Betakit, Isabella Kirkwood, October 3, 2019

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Canada Week. Pangaea Announces Final Close of Fourth Fund at $95 Million CAD

By Isabella Kirkwood

Pangaea Ventures which invests in advanced materials, announced it has completed the final close of Pangaea Ventures Fund IV, with commitments of $95 million CAD from organizations like VanCity and the BC Tech Fund.

Fund IV has made six investments to date, in materials-driven companies addressing a variety of market applications. The fund’s advanced materials portfolio is not specifically tech-focused but is looking to invest in startups with products in display materials, medical devices, 5G data electronics, and the 3D printing of human tissue.

“We are pleased to have completed the fundraising for Fund IV, and to see growth over our third fund,” said Chris Erickson, general partner of Pangaea Ventures. “We have a good mix of LPs that include managed by Kensington Capital Partners.”

The fourth fund aims to bring together a dozen multinational corporations as strategic LPs. The fund saw renewed commitments from partners of Fund III, including CoorsTek, JSR, and Mitsubishi Chemical Holdings. Fund IV has also brought in commitments from Doosan, GC Ventures, Henkel, Lam Research, Sekisui, Severstal, Shin-Etsu, TOSOH, and Adidas, bringing Pangaea’s total LP count to 25. Fund III closed in 2012 at $100 million USD.

Pangea was first established in 2000 and has an office in Vancouver. The firm built a portfolio addressing multi-billion dollar markets in energy, electronics, health, and sustainability. Pangaea led a $7.9 million CAD investment in AEPONYX, a Montreal-based micro-optical switch provider, to accelerate the commercial production of the startup’s planar micro-optical switch chips.

“The BC Tech Fund was established to invest in emerging technology across multiple sectors, including cleantech,” said Gerri Sinclair, managing director of Kensington Capital Partners. “Pangaea’s record for helping advanced materials reach global success made them an attractive fund through which we could support the cleantech start-up ecosystem.”

Pangea said it expects Fund IV to make six to eight more investments.

Source. Betakit, Isabella Kirkwood, May 2, 2019

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