NYC secures stake in potential tech revenue with $30M investment in NYU quantum lab
The agreement gives the city 15% of revenue from technologies developed with city-funded equipment and three seats on QFab’s advisory board.
- On Wednesday, Mayor Zohran Mamdani announced a nearly $29 million city investment in New York University's new QFab quantum lab, securing the city 15% of revenue from technologies developed using publicly funded equipment.
- The 23,000-square-foot facility at 770 Broadway in Manhattan is backed by roughly $284 million in total funding, with NYU President Linda Mills committing $255 million for capital spending and operating costs over the next decade.
- Juan de Pablo, executive dean of the Tandon School of Engineering, expects more than 3,000 CUNY students to benefit from the initiative, while officials project the lab will support more than 100 companies and generate approximately 2,000 permanent jobs.
- City officials described this arrangement as a first for New York City, prioritizing revenue share over traditional equity stakes, with advisory board seats granted to the New York City Economic Development Corporation, BMCC, and City Tech.
- Mamdani told reporters he hopes this revenue-sharing model will become standard for future city-funded projects, as the administration aims to encourage research into sustainable technology, medical advances, and efficient energy systems.
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NYC secures stake in potential tech revenue with $30M investment in NYU quantum lab
Mayor Zohran Mamdani announced on Wednesday a nearly $30 million investment in a new quantum technology lab at New York University under an agreement that will give the city a share of revenue from inventions developed using publicly funded equipment. The deal gives the city 15% of revenue received by NYU’s central administration from technologies...
NYC invests $30M in NYU quantum lab in exchange for stake in industry
Mayor Zohran Mamdani on Wednesday announced the city will invest nearly $30 million in a new quantum technology lab at New York University in exchange for a stake in new technologies developed with city-funded tools. Expected to open in 2030, Quantum Fabrication Facility (QFab) will take up 23,000 square feet at 770 Broadway, where NYU [...] The post NYC invests $30M in NYU quantum lab in exchange for stake in industry first appeared on 6sqft.
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