(Bloomberg) — The University of Chicago will partner with International Business Machines Corp. and Google of Alphabet Inc. in deals totaling up to $150 million to develop quantum computing.
The University of Chicago says IBM’s vision is centered around a quantum supercomputer. The company will develop the blueprints with the University of Chicago and the University of Tokyo over 10 years in a $100 million plan.
The university and Google partnership will invest up to $50 million to accelerate the creation of a fault-tolerant quantum computer and grow the quantum workforce over 10 years.
The United States’ third-largest city is working to boost its economy following the departures of major companies including billionaire Ken Griffin’s Citadel and Boeing Co. Now, Wind City is turning to quantum computing as a long-term investment.
Read more: Chicago bets Quantum Technology is the ‘Next Big Thing’ for its Future
Chicago has been at the forefront of quantum computing, with the state of Illinois receiving 40% of all federal dollars for the technology. The city has a quantum network that stretches about 124 miles between the Chicago Quantum Exchange and the U.S. Department of Energy’s Argonne National Laboratory.
The main appeal of quantum technology is the promise of making everything online more secure and rapidly reducing processing times. While this may still be far from achievable, big tech companies are spending to streamline this goal into reality.
Quantum computing can strengthen the financial industry by helping algorithms sift through large amounts of data and solve complex mathematical problems in a shorter amount of time than traditional computers.
Read more: Why quantum computers will one day be super cool: QuickTake
“Through these partnerships, we will develop the research and engineering environment needed to advance scientific discoveries,” said David Awschalom, Professor of Physics and Molecular Engineering at the university. quantum and building the workforce of the future.