Description
After meetings held with Unisearch (Later NewSouth Innovations) staff Professor Bob Clark and Gillian Turner, and Semiconductor Research Corporation, IBM, and Intel in June 2003, Qucom Pty Ltd was activated to capitalise on commercialisation opportunities associated with quantum computing [Shadow Board Papers 12 August 2003]. A ‘shadow’ Board was formed in order to progress the company planning prior to formal approvals and consents. Originally named ‘Qucom’ and registered in 1999, the company changed to ‘Qucor’ in September 2003 to avoid brand confusion or litigation by a similarly named IT company based in America. The company was officially launched on 19 December 2003. Gillian Turner was Chair of the Board and Richard Sharp was Managing Director at launch. The founding shareholding of Qucor was 30% Unisearch, 30% UNSW, and 40% held for the benefit of the researchers. Qucor was the commercialisation agent for quantum computing research at UNSW and the Centre for Quantum Computer Technology (CQCT), the latter being funded by an Australian Research Council (ARC) grant. Qucor was the registered holder of all Intellectual Property (IP) of CQCT. IP protection was not covered by the CQCT’s ARC grant. Qucor placed significant focus on finalising a Bonus Unit Plan (BUP), to give an opportunity for CQCT researchers to receive potential future dividends from the commercialisation of the IP, but this was never realised. Qucor, UNSW, University of Melbourne (UM) and NewSouth Innovations (NSi) were parties to this agreement. Qucor provided Chief Operating Officer services to CQCT, performed by their Managing Director, Dr Richard Sharp, until he resigned from the position on 12 January 2007. He was replaced by David Varvel as CEO in mid-2007, and UNSW Faculty of Science began funding the CQCT COO position in November 2008, enabling the role to continue. Varvel was terminated from CQCT in October 2010 and from Qucor in September 2010. Qucor was working with IBM on developing a fast voltage pulse generator. IBM withdrew from this project. Qucor had many dealings with UM, who were assigned a 10% shareholding of the company in December 2006 in exchange for their IP. One of their joint projects was Quantum Communications Victoria (QCV). This was an unincorporated Joint Venture established after an agreement was signed on 24 November 2005 for a prototype single photon source project used for secure communications [Preliminary QCV Company Business Plan, Board Papers 6 June 2006]. Qucor were the commercialisation agent for the JV, holding a 30% stake in QCV. Other signatories to this agreement were: MagiQ Technologies, Inc. University of Melbourne School of Physics, and Silicon Graphics Inc. QCV was not able to maintain funding in 2008 and ceased operations as of end July 2009. A three year Cooperative Research and Development Agreement (CRADA) between UNSW, UM, Qucor, and Sandia National Laboratories was signed on 16 September 2008, in order to utilise the latter’s semiconductor fabrication plant and begin engineering on the quantum computing designs. Although Qucor pursued investment from venture capital firms, UNSW assessed the company to be too strategically important to allow external funding, which could reduce UNSW equity in Qucor. UNSW funded Qucor until 2010 through a Convertible Note, after which Qucor entered into a loan with NSi. On 1 January 2013, Qucor appointed NSi as its commercialising agent, giving them the right to commercialise certain Intellectual Property Rights created at CQCT. By 2015, Qucor was operating as the IP holding company for the legacy IP with Professor Andrew Dzurack as its sole director. CQCT had been replaced by a new iteration, Centre for Quantum Computation and Communication Technology (CQC2T) in 2011. CQC2T holds no IP or commercialisation associations with Qucor. Qucor attempted to launch another commercialisation entity called Qucor 2 for the patents developed through CQC2T but the partner universities did not reach agreement. The CQC2T CEO, Barry Wong, was hired as a consultant pro bono in June 2011 to manage the maintenance of the patent portfolio [Board Minutes 17 June 2011]. The company Silicon Quantum Computing Pty Ltd (planned under the name Quantum NewCo) was created in 2017 with UNSW Innovations (formerly NSi), Telstra, Commonwealth Bank and Commonwealth Government as shareholders, and involved Qucor’s legacy IP.
