The ABC has a good story about Breakthrough Victoria, the state owned VC fund that's got a $2b budget during a time when the best state in the country is going through a rough patch financially. It invests in startups across many industries, including tech companies like Infleqtion and Quantum Brilliance that dabble in the nebulous quantum computing market. The article reckons the state shouldn't even do this and Breakthrough Victoria closed down, but I think the bigger problem is the lack of transparency around these extremely speculative investments. Have any of these businesses made a profit? How likely is an exit? Are they even on track to deliver the products they pitched? Too bad finding out as all this stuff is "commercial in confidence" despite my money being used to invest in them.
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