In a collaboration with Delft University of Technology in the Netherlands and TNO - the Dutch Organization for Applied Research, Intel is investing $50 million in advance research into quantum computing. In the announcement made Thursday, Intel said along with funding, it will also provide engineering resources in the project.

It will be a 10 year long collaboration. With the help of the collaboration, a scalable quantum computing technology will be developed that will used for problem-solving purposes. Intel said that the development will have its use in a wide range of fields like large-scale financial analysis and effective drug development.

Mike Mayberry, managing director of Intel Labs, said, "A fully functioning quantum computer is at least a dozen years away, but the practical and theoretical research efforts we're announcing today mark an important milestone in the journey to bring it closer to reality".

Intel is not alone to get involved with quantum computing. Google is also having a quantum computing lab that operates NASA. Even, Lockheed Martin has also purchased a D-wave machine. It is said that quantum computing can solve complex problems that other computers cannot like simulations of molecules for drug development and perform the large-scale financial analysis.

Quantum computing, which was discovered around 14 years back, is considered to be an exciting and promising area of research. In the last five years, many big companies have started investing money and engineering resources into quantum computing.