BlackBerry founders set up $100-million fund
WATERLOO, Ont. - BlackBerry co-founders Mike Lazaridis and Doug Fregin say they have established a $100-million fund for the development and commercialization of quantum computing.
They say the new Quantum Valley Investments fund in Waterloo, Ont., will be a catalyst for breakthroughs in an emerging field that could revolutionize information technology.
The two men collaborated to found the company formerly known as Research In Motion, which recently changed its name to BlackBerry (TSX:BB) in keeping with its main product line.
Lazaridis has already been a driving force behind the Perimeter Institute for Theoretical Physics in Waterloo, which was conceived as a world-leading centre for research.
He and Fregin say they believe the new fund will complement the institute's work and could lead to the creation of new industries and jobs in the Waterloo region.