Canadian Prime Minister Justin Trudeau announced a new federal investment to build and market the world's first quantum computer based on photons that processes complex calculations.

According to a press release from the Prime Minister's website, an investment of 40 million Canadian dollars (32 million dollars) will enable Xanadu Quantum Technologies Inc, a Toronto-based Canadian quantum computing company, to develop the quantum computer that will have the capability to provide world-leading capabilities to help solve complex data problems and can be used in a variety of sectors such as finance, transportation, environmental modeling, and health.

The statement said that this project, supported by the government’s Strategic Innovation Fund, is expected to create 530 new highly skilled jobs in the fields of advanced technology and quantum computing, costing 177.8 million Canadian dollars (142 million dollars).

Earlier this month, Canada launched its national quantum strategy, investing an additional 360 million Canadian dollars (288 million dollars) to help establish Canada as a global leader in quantum technologies. Xanadu was founded in 2016 with the goal of building useful and accessible quantum computers for people everywhere, and it leads the development of PennyLane, an open-source software library for quantum computing and application development.