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Even though banks and hedge funds are still several years out from adding quantum computing to their tech arsenals, that hasn't stopped Wall Street giants from investing time and money into the emerging technology class.

And momentum for QC Ware, a startup looking to cut the time and resources it takes to use quantum computing, is accelerating. The fintech secured a $25 million Series B on September 29 co-led by Koch Disruptive Technologies and Covestro with participation from D.E. Shaw, Citi, and Samsung Ventures.

QC Ware, founded in 2014, builds quantum algorithms for the likes of Goldman Sachs (which led the fintech's Series A), Airbus, and BMW Group. The algorithms, which are effectively code bases that include quantum processing elements, can run on any of the four main public-cloud providers.

Quantum computing allows companies to do complex calculations faster than traditional computers by using a form of physics that runs on quantum bits as opposed to the traditional 1s and 0s that computers use. This is especially helpful in banking for risk analytics or algorithmic trading, where executing calculations milliseconds faster than the competition can give firms a leg up.

"With all of our investors, with every one, there is a strategic dimension to the investment," QC Ware CEO Matt Johnson told Insider. "Almost every one of our investors cares about having a front-row seat as the technology develops."

And while quantum computing has significant potential, the resources required to use it are still too great to be more cost effective than traditional computers.

QC Ware aims to mitigate that by designing algorithms that reduce the resource requirements of quantum computers by using the minimum amount of steps to solve the problem.

For instance, QC Ware's collaboration with Goldman Sachs to design an algorithm to speed derivatives pricing calculations reduced the wait time for the required quantum hardware from 10 years to five, said Yianni Gamvros, QC Ware head of business development.

Since each algorithm is built per use case, QC Ware will use the new funds to double its team to 60, staffing up on quantum engineers to build the specialized algorithms and software engineers to build out a more expansive cloud service.

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Fintech QC Ware Used This Pitch Deck to Raise a $25 Million Series B - Business Insider

University of Maryland President Darryll J. Pines today announced the creation of the Discovery Fund, which will support innovative companies and startups based in College Park and throughout Prince Georges County with up to $1 million a year from the university.

The first round of support is earmarked to help build a network of quantum business focused around UMD, Pines said in an address at the universitys inaugural Quantum Investment Summit. The two-day event was designed to connect investors and innovators in the growing quantum business and technology space, and drew more than 300 in-person and virtual participants from U.S. and international companies and organizations.

The university has long been a powerhouse in quantum physics research as well as a leader in designing and engineering technology based on this revolutionary branch of scienceone expected to result in quantum computers with unprecedented capabilities as well as disruptive advances in material science, digital security, health care and other fields.

UMDs growing commitment to strengthening the industrys foundation further solidifies the universitys status as the heart of the Capital of Quantum, Pines said.

This continual building on the infrastructure needed to catalyze startups and create groundbreaking products is absolutely essential if were to support and accelerate the advancement and commercialization of quantum technologies, he said. The Discovery Fund is the perfect addition to keep the momentum going around the quantum ecosystem we have been building for more than three decades.

The announcement of the new funding comes the same month that a leading quantum computing company, IonQ, went public on the New York Stock exchange with a $2 billion market valuation. The company is based in part on technology developed in UMD labs, and illustrates what the university has to gain: As IonQ works to bring quantum computing to scale, its continued close connection with UMD affords the company access to a pipeline of stellar workforce talent, Pines said today.

Another feature in UMDs expanding ecosystem is the Quantum Startup Foundry (QSF), backed by a $10 million capital investment from UMD, which will function as a business incubator to support nascent firms in the quantum technology field. The university today announced that MITRE, a not-for-profit company that works in the public interest and operates six federally funded research and development centers in areas including aviation, defense, health care, homeland security, and cybersecurity had joined as a founding QSF member.

Julie Lenzer, UMDs chief innovation officer, said offerings like the QSF and the Quantum Investment Summit help make the university central to quantum-based industry as it already is in quantum science and engineering research.

Helping to give rise to a company as successful as IonQ would be a once-in-a-lifetime thing for most schools, if that, Lenzer said. But were continuing to build on this so we can breed more success by connecting innovative quantum research and ideas with investors who want to make a difference in an area thats going to define the future.

Attendees at the investment summit included businesses ranging from giants like Lockheed Martin and IBM to new firms vying to become household names, as well as local and state officials, investors and venture capital firms.

With federal and state agencies and nations worldwide pouring many billions of dollars into quantum researchand hoping to reap the rewards of winning the race to deploy the technologyUMD, the region and the nation must strive to turn deep fundamental understanding of the science into innovation, Pines said.

Make no mistake: This is our generations space race, he said. Who will be the first to unleash the power of quantum? Im hoping its going to be us.

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Discovery Fund to Seed Local Innovation Ecosystem - Maryland Today

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Quantum computing are being used in computationally intensive applications such as artificial intelligence. Quantum machine learning (QML) is a combination of machine learning and quantum physics. Alphabet Inc. launched TensorFlow Quantum library in March 2020 for developing QML apps. Researchers at Pennsylvania State University are using QML for developing COVID-19 treatment. These applications will drive the quantum computing technologies market in future. From the healthcare perspective, quantum computing technologies can lead to dramatic acceleration in speed and performance both. Radiation therapy is the widely-used form of treatment for oncology. Radiation beams are used to destroy cancerous cells. Devising a radiation plan is to minimize damage to surrounding healthy tissue and body parts is a very complicated optimization problem with thousands of data. To arrive at the optimal radiation plan requires many simulations until an optimal solution is determined. The horizon of possibilities that can be considered between each simulation is much broader and large in nature. Such a factor is expected to boost the

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Global Quantum Computing Technologies Market Industry Analysis by Demand, Future Trends, Challenges, Growth Opportunities and Forecast till 2030 ...

Let's say, for the sake of argument, that quantum computers will exist in some useful fashion in the not too distant future.

And if that is the case, fundamental changes will be needed in education, supply chains, and national policies for us to use the machines to solve complex problems, panelists said a forum hosted by R Street Institute this week.

"We need ... to prepare people to think about computation in a fundamentally different way," said Chris Fall, senior advisor at the Center for Strategic and International Studies, during the discussion.

On conventional computers, information is encoded in strings of 0s and 1s, while in quantum computers, information is encoded in quantum bits that have a value of 0, 1, or a superposition of both states. This allows quantum computers to store much more information than a classic machine and process it in less time, in theory. There are limitations, such as the fact that they are unstable and prone to error despite efforts to address that, and may hit a wall if unprotected from background radiation. Encryption-breaking quantum computers are forever 15 years away.

Sorry, yes, we're assuming they will eventually work.

Google, D-Wave, IBM, Intel, Microsoft, Honeywell, and so on, are building qubits in different ways. Their goal is to build fault-tolerant machines that can run super-fast calculations by tempering qubit behavior and correcting errors introduced from the environment.

"The routine manipulation of the properties of single atoms in people's devices, devices, cars that is going to change everything. We don't have a full understanding of how that's going to happen." Fall said.

Starting now, education needs to be better for people to take advantage of the quantum processing breakthroughs as the hardware journey matures, the panelists said. Problem solving and algorithms will look very different in areas like finance and science, for example.

"The language of quantum algorithms are linear algebra and probabilities. This is not something that we do a good job of teaching our kids from a very early stage. That is kind of where we need to get started now," Fall said.

Quantum computing is a different problem-solving system and calculates differently from conventional computers, was the gist of the discussion.

Governments will need to drive change if quantum computing is a matter of national interest and public need, said Scott Friedman, a senior policy advisor of the House Homeland Security Committee.

Global legislation to protect semiconductor supply chains, like the CHIPS for America Act and Europe's Chips Act, needs to factor in quantum computing infrastructure, panelists said.

Most cryogenic refrigerators for quantum computers are made in Europe, and the United States needs to work with allies to secure those supply chains, said Allison Schwartz, global government relations and public affairs leader at quantum computer maker D-Wave Systems.

The government also needs to facilitate collaboration and bridge a gap between educators, developers, and scientists involved in algorithms and developing hardware, the panelists said.

The US introduced legislation called QUEST (Quantum User Expansion for Science and Technology) for increased access of quantum hardware and resources for research and further education. A National Quantum Initiative Act (NQI) was signed into law in 2018 to supercharge quantum computing development and research, but activity around these have stalled.

"The advisory committee for the NQI hasn't met in a while ... on the executive branch side. An easy next step to bring more focus in this area would be to convene that again and get broader input from the community," said Kate Weber, policy lead for quantum, robotics, and fundamental research at Google, which hopes to a build a fault-tolerant computer by 2030.

The moderator, R Street Institute senior fellow Miles Taylor, raised the idea of quantum computers creating sentient beings, much like the machines in the Terminator movies.

"I don't know if we're going to have a sentient computer," CSIS's Fall said, adding, "we're learning to manipulate single atoms at ... industrial scale. That's not a laboratory project. It'll change the world."

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'Quantum computer algorithms are linear algebra, probabilities. This is not something that we do a good job of teaching our kids' - The Register

TOKYO, Oct. 4, 2021 /PRNewswire/ -- QunaSys Inc. is a sponsor of Quantum Week 2021 (Oct 17 - 21) the leading quantum computing event that bridges the gap between the science of quantum computing and the development of the surrounding industry.

QunaSys researchers are deeply engaged in the event with an exhibit booth, a hands-on tutorial, and a panel:

"Japan's technology ecosystem is actively advancing quantum computing. QunaSys is a key player in driving business, government, and academia collaboration to enable the quantum chemistry ecosystem and boost the adoption of this technology." Tennin Yan, QunaSys Inc. CEO, and Hausi Mller, General Chair IEEE Quantum Week 2021 and Co-Chair IEEE Quantum Initiative.

"Companies are getting ready by learning the skills to develop and test quantum algorithms. Collaboration within an ecosystem and a multi-platform approach is key to expand use case proliferation that in turn advances the technology." Tennin Yan, QunaSys Inc. CEO.

"As organizers, we are very pleased with the outstanding contributions from the international quantum community for IEEE International Conference on Quantum Computing and Engineering (QCE). We look forward to welcoming 800+ participants from 45+ countries and 220+ companies." Hausi Mller.

Register now for the conference and learn how to maximize the power of quantum computing, understand the industry use cases potential and how to implement algorithms to solve chemistry related complex problems, please register here: https://qce.quantum.ieee.org/registration/registration-overview

Additional resources

About QunaSys Inc.

QunaSys is the world's leading developer of innovative algorithms in chemistry focused on accelerating the development of quantum technology applicability. QunaSys enables maximization of the power of quantum computing through its advanced joint research that addresses cutting-edge technologies providing Qamuy, the most powerful quantum chemical calculation cloud software; fostering development of collaboration through QPARC industry consortium; and working with research institutions from academia and government. QunaSys software runs on multiple technology platforms with applicability in all chemical related industries to boost quantum computing adoption.

About IEEE event

IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. IEEE is actively contributing to the global R&D efforts to understand the power and promise of quantum computing. IEEE Quantum Week is bridging the gap between the science of quantum computing and the development of an industry surrounding it.

Media contact:

HIroki Oka[emailprotected]/ [emailprotected]+81-9060589550

SOURCE QunaSys Inc.

https://en.qunasys.com/

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QunaSys to participate in IEEE International Conference on Quantum Computing and Engineering (QCE21) - PRNewswire