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Aussies Form Quantum JV

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1/23/2006
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NEW YORK -- MagiQ Technologies, Inc., the quantum information processing (QIP) company, today announced the formation of a joint venture to commercialize diamond encrusted single photon (single particles of light) sources, which are a crucial component of quantum cryptography systems. Under terms of the agreement, all members of the joint venture will share in the development of intellectual property and commercialization of photon sources.

The group was awarded $2.5M USD ( $3.3m Australian Dollars) from the Victoria government of Australia toward the designing of communication devices capable of producing and using single photons for storing and transferring vast amounts of information with impenetrable encryption. The Quantum Communications Victoria – Industry Development Initiative (QCV-IDI) is a University of Melbourne-led STI program.

"The creation of great wealth based on a new industry leveraging quantum mechanics will be enabled by bringing together the public and private sectors" said Artur Ekert, Professor of Quantum Physics at the University of Cambridge. "MagiQ, the University of Melbourne, and the other participants in the Quantum Communications Victoria joint venture are doing just that today."

“All the participants in the joint venture bring unique and valuable capabilities to the table,” said Dr. Shane Huntington, CEO of QCV-IDI. “The Joint Venture places Victoria as a recognized centre of activity in the rapidly expanding global area of quantum communications and is expected to open new avenues of research in nanotechnology and photonics. We expect great advances, both scientific and economic, out of the Joint Venture.”

“MagiQ is pleased to partner with world leaders in pushing the envelope for quantum cryptography functionality,” said Andrew Hammond, Vice President of Marketing and Business Development at MagiQ. “We believe that partnering is the best way to accelerate the development of an ecosystem around quantum cryptography. A quantum cryptography ecosystem will lead to the monetization of a new and important industry.”

MagiQ Technologies Inc.

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