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Just made public by his company, Sebastian Weidt, CEO of Universal Quantum, provided valuable insights into the future of quantum computing at the Web Summit in Lisbon in November 2023. While acknowledging the current hype surrounding the technology, Weidt underlined the long-term potential and challenges facing the industry.

Weidt explained quantum computing as a new form of doing computations that utilizes strange quantum effects to solve problems exponentially faster than traditional supercomputers. However, he cautioned that significant scaling is required before quantum computers can deliver on their promise.

We really need to scale these machines from where we are at the moment tens of qubits hundreds of qubits to millions of qubits, said Weidt. Thats a scary target that were aiming for here, but this is what ultimately must happen to unlock these applications.

Quantum error correction is, indeed, one of the fundamental problems with quantum computing. Weidt added that inherently, quantum systems were fragile and prone to errors. This is countered by developing error correction algorithms, which also need many physical qubits to create logical qubits of stability.

Regarding potential applications, Weidt expressed excitement about drug discovery: I think theres a lot of excitement for me personally as well around drug discovery. I think using these quantum computers to understand chemical reactions better, molecular structures better, which is at the heart of developing new drugs and currently is really hard using our currently available computing technology.

When asked about the timeline for practical quantum computers, Weidt was cautiously optimistic.

It would be nice to get some utility to something where you really feel a change because of quantum computing maybe a new drug was developed because of that, maybe we understand climate change better, maybe a new material, he answered. Theres a huge push to do that this decade, but I think this can definitely leak into the next decade as well.

Weidt also addressed concerns about quantum computers breaking current encryption systems. He urged businesses to prepare now: Please, please, please look at your encryption algorithms and check if they are quantum secure. Please make those changes now.

Looking to the future, Weidt sees a hybrid computing architecture where quantum and classical computers work together seamlessly. He punctuated that quantum computers wont replace classical systems but will complement them for specific problem-solving tasks.

As the quantum computing field continues to evolve, Weidts insights provide a balanced perspective on both the challenges and immense potential of this groundbreaking technology.

Featured image: Credit: Web Summit

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Universal Quantum CEO Sebastian Weidt Discusses the Future & Challenges of Quantum Computing - The Quantum Insider

Colorado leaders big bet to make the state a focal point for the rapidly growing quantum-computing sector has garnered its first major payout designation as a national Tech Hub and a $40.5 million federal grant to boost the industry in the Rocky Mountain West.

Gov. Jared Polis announced Tuesday that the U.S. Economic Development Association chose Elevate Quantum, a consortium representing Colorado and New Mexico industry leaders, for Phase 2 Tech Hub funding over the Chicago area with which it was competing. The award was part of $504 million in grants given by the EDA to 12 tech hubs across the country funding set aside by the 2022 CHIPS and Science Act, which also has generated more than $100 million so far for growth of semiconductor companies in Colorado.

The Centennial State already had begun to push itself to the front of the national picture for quantum research, which involves freezing quantum bits to extremely cold temperatures to speed their processing time and perform complex calculations quickly. Colorado is home to about 3,000 quantum workers currently the largest cluster in the country and has four Nobel laureates in quantum physics, which has helped to attract entrepreneurs in the nascent sector to the area.

But winning the Tech Hub designation will allow the state to offer $74 million in incentives that the Legislature approved this year on the condition that the EDA matched them with the awarded funding. Colorado now can offer $44 million in refundable income-tax credits to firms building a shared research facility that can commercialize quantum learnings and $30 million in loan-loss funding for banks and lenders willing to invest in early-stage quantum companies.

With those incentives, the $40.5 million federal award and $10 million in matching funds from the state of New Mexico, state and industry leaders expect to be able to access between $1 billion and $2 billion in private capital and create 10,000 jobs. Doing so could position Colorado as the Silicon Valley of what some believe will be the next big technology sector and generate employment opportunities for individuals ranging from the advanced-degree holders thinking up the next steps in quantum to the manufacturing workers who will be building the computers needed to make the technology run.

This award will be a game-changer for our industry, providing an opportunity for researchers and companies to innovate side-by-side, accelerating the development and commercialization of quantum technologies, said Corban Tillemann-Dick, Elevate Quantum co-founder and Chair and CEO of Maybell Quantum, in a news release. Moreover, todays award is a down payment on the quantum future, with up to $960m in additional potential funding available from the federal government over the next decade and billions in play from the private sector.

Corbin Tillemann-Dick listens as the Colorado Senate discusses a resolution to support the quantum sector during the 2024 legislative session.

Polis has made efforts to acquire once-in-a-generation federal funding offered through laws like the CHIPS and Science Act, the Infrastructure Investment and Jobs Act and the Inflation Reduction Act a key part of his economic-development strategy. The Democratic governor worked particularly closely with Elevate Quantum leaders to land the highest Tech Hub designation, believing it can make the state the center of the quantum technology ecosystem, as he said in a news release Tuesday.

Elevate Quantum is working with University of Colorado Boulder, Colorado State University and Colorado School of Mines to build a shared academic research center and incubator housing multiple start-up quantum companies seeking to bring products to market. That joint effort is expected to take advantage of the $44 million facility-creation tax credit and launch a physical hub for entrepreneurs to grow the sector, Massimo Ruzzene, University of Colorado Boulder vice chancellor for research and innovation, told legislators.

And the $30 million in loan-loss tax credits is viewed as an innovative way to get institutional capital to companies in the field that otherwise might find it hard to raise funding. Banks and lenders can seek the tax-credit certificates as a financial backstop even before loans have incurred any losses and then apply again later for registered loan loss certificates of as much as 15% of the size of the loan.

In addition to the specified funding programs, Colorado officials have vowed to establish a workforce-development program to create a pipeline of local talent into the sector, as 80% of jobs will not require advanced degrees. In that way, officials are looking to flip the script the state used to boost many advanced industries between 2000 and the pandemic, when employers imported much of their talent from other states a flow that is beginning to dry up as Colorados cost of living rises.

We are shovel-ready to scale the thousands of quantum jobs that exist today to tens of thousands, benefitting Colorado workers across the state with and without advanced degrees, said Eve Lieberman, executive director of the Colorado Office of Economic Development and International Trade.

The award marks the first large-scale, place-based federal investment in quantum made by the federal government, noted Zachary Yerushalmi, Elevate Quantum CEO, in a news release. It comes after the EDA narrowed an original pool of nearly 400 applicants for tech-hub status to 31 efforts that received Phase One accreditation.

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Colorado lands coveted Tech Hub designation to boost quantum sector - The Sum & Substance

International Business Machines Corporation (IBM) is a notable name that has made significant breakthroughs in quantum computing over the years. For example, by using its 127-qubit Eagle quantum computer', IBM has been able to solve complex problems that long stumped the leading classical methods. Despite the challenges of noise and errors in quantum systems, IBM was able to generate accurate results by using an advanced error mitigation' technique that were verified by running the problem on a traditional supercomputer for lower levels of complexity.

In the time since its Eagle quantum computer was released, IBM has already developed a 433 qubit system known as Osprey' and is expected to soon launch a 1,121 qubit system known as Condor. Each of these successive generations greatly improves upon its predecessor while widening the gap between what is possible with a traditional supercomputer. IBM states that,

As quantum processors scale up, each additional qubit doubles the amount of space complexity the amount of memory space required to execute algorithms for a classical computer to reliably simulate quantum circuits.

While the potential abilities of a quantum computer cannot be replicated by more traditional approaches, IBM notes that it does not envision a future where only one exists. Rather, the company anticipates that both quantum and binary variants will continue to thrive in use cases geared specifically toward the strengths of each.

Looking forward, IBM has already announced its next major goal in anticipation of its current quantum chips outgrowing' the currently used infrastructure. This goal is known as IBM Quantum System Two'; a modular system that has the potential to support up to 16,632 qubits.

Market Cap: $116.85B

Price to Earnings Ratio (P/E): 65.7

Earnings Per Share (EPS): $1.97

At the time of writing, IBM boasted the above metrics and is listed as a Buy' among most major investment firms.

Intel is a pioneer in silicon transistors for traditional computing. Whether a desktop or laptop, the chances are good that, regardless of PC form factor, you have utilized a computer powered by an Intel chip.

As we make our way through 2023, Intel has forged a clear, yet divergent, strategy for the future that involves quantum computing. Drawing upon its existing expertise, Intel is leveraging its expertise in high-volume transistor manufacturing to develop silicon spin qubits. For example, Intel has developed what it calls the Horse Ridge II cryogenic quantum control chip' that is said to enhance integration, while its cryoprobers' allow for high-volume testing.

Working alongside other companies determined to develop commercialized quantum computers, Intel is also doing its part to help. Currently, Intel boasts the Tunnel Falls' spin qubit chip as its most advanced offering to date and is, making the chip available to the quantum research community to spur advancements in the field.

Market Cap: $138.89B

Price to Earnings Ratio (P/E): -157.14

Earnings Per Share (EPS): $-0.68

At the time of writing, Intel boasted the above metrics and is listed as a Buy' among most major investment firms.

Operating out of Santa Barbara is Quantum AI' an endeavor by Alphabet, which is the parent company of Google. The goal of Quantum AI is to, build scalable quantum computers that enable humankind to solve problems that would otherwise be impossible.

Beyond developing the hardware, like the Sycamore processor, for its own take on a quantum computer, Google's Quantum AI also makes available a suite of software designed to assist scientists in the development of quantum algorithms.

Market Cap: $1.54T

Price to Earnings Ratio (P/E): 22.74

Earnings Per Share (EPS): $4.49

At the time of writing, Alphabet boasted the above metrics and is listed as a Strong Buy' among most major investment firms.

The quantum computing division at Honeywell is a joint effort known as Quantinuum', which also involves Cambridge Quantum.

It is believed that Quantinuum continues to focus on increasing our understanding of trapped ion quantum computing'. This technology involves utilizing ions trapped in a vacuum, which are then manipulated using lasers, allowing for the ions to behave as qubits.

Like each of the companies listed above, Quantinuum is hoping that its design will allow for high precision, while simultaneously boasting error-correction capabilities each crucial if quantum computers are ever to become commercially viable.

Market Cap: $132.79B

Price to Earnings Ratio (P/E): 21.84

Earnings Per Share (EPS): $7.70

At the time of writing, Honeywell boasted the above metrics and is listed as a Strong Buy' among most major investment firms.

While it may not have the same name recognition as IBM, Intel, and Alphabet, IonQ has still managed to establish itself as a significant player in the field of quantum computing.

IonQ is known specifically for its research on trapped ion quantum computing'. As previously stated, this is a method that leverages qubits comprised of individual ions suspended and manipulated within a vacuum.

As it stands, IonQ has reportedly developed quantum computers on par with the most powerful across the globe. In fact, its most recent offering is set to become the first of its kind to be utilized in a commercial setting. IonQ boasts that,

Once quantum computers are powerful and stable enough, their unique computational power will solve world-changing problems that are beyond the capabilities of even the largest supercomputers.

The company indicates that it hopes to achieve this goal through what it believes is a better approach (trapped ions), than those taken by many of its competitors.

Market Cap: $1.92B

Price to Earnings Ratio (P/E): -27.56

Earnings Per Share (EPS): $-0.36

At the time of writing, IonQ boasted the above metrics and is listed as a Buy' among most major investment firms.

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5 Best Quantum Computing Companies (July 2024) - Securities.io

Kvantify, a leading quantum software start-up, has announced the successful closure of a 10 million seed round. This funding will enable Kvantify to strengthen its position as a global leader in quantum computing, with an initial focus on developing applications for the life science sector.

The seed round is led by Danish VC Dreamcraft, together with biotech investor Lundbeckfonden BioCapital and the private investment company 2degrees. Other notable investors include international sector-focused tech investor Redstone VC, Danish lead quantum VC 2xN as well as EIFO.

Lundbeckfonden BioCapital is a large Danish investor focused on local life science companies, supporting the translation and commercialization of ground-breaking science. This is Lundbeckfonden BioCapitals first investment outside the therapeutics space.

Hans Henrik Knudsen, CEO of Kvantify, commented: On behalf of the founding team, we are incredibly excited about the completion of our 10 million seed round, which marks a significant milestone for Kvantify. This funding not only validates our vision of leveraging quantum computing to revolutionize the life sciences industry but also provides us with the resources and strategic partnerships needed to accelerate our development and growth. With the support of new and existing investors, we are well-positioned to continue to bring groundbreaking solutions to market.

The investment will accelerate the development of Kvantifys innovative solutions that aim to leverage quantum computing to address complex problems in drug discovery and beyond. It will also boost the further development of quantum algorithms for chemical simulation, expanding their applicability across various industries.

With our investment in Kvantify, we are broadening our footprint in and commitment to further strengthening the Danish life science ecosystem. Quantum computing can deliver accuracy and derisking to the early stages of drug development to a level not possible with classical computers, thereby enabling faster speed to market. We are therefore excited about this opportunity and look forward to working with the Kvantify team to bridge quantum computing and drug development to the future benefit of patients, said Jacob Falck Hansen, Partner at Lundbeckfonden BioCapital.

Danish VC Dreamcraft invests in tech-driven companies, from pre-seed to series A, and has a proven track record with B2B SaaS software.

Were thrilled to partner with the team at Kvantify as they take a significant step forward in their mission to fulfill the promise of industrial applications of quantum computers. The potential of quantum chemical computational drug discovery is massive and represents a truly exciting beachhead market. We cannot wait to see how Kvantify will help solve todays seemingly impossible problems and serve as a crucial tool in designing the solutions of the future, added Carsten Salling, General Partner at Dreamcraft.

Redstone QAI Quantum Fund is a highly specialized venture capital fund that focuses on investing in groundbreaking technologies within the quantum technologies sector.

Kvantifys focus on applying quantum computing to life sciences and further industrial use cases across various sectors aligns with our strategic vision of advancing practical and impactful quantum solutions. With their interdisciplinary team, in-depth knowledge of quantum technology, and innovative approach to enhancing computational eiciency, Kvantify is perfectly placed to bring tremendous value to commercial markets, said Marco Stutz, Partner at Redstone.

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Copenhagen-based Kvantify secures 10 million to unlock quantum computing for the life science sector - EU-Startups

Insider Brief

In the latest episode of the Tech Podcast, Shai Phillips, president of a company that provides quantum technology executive search firm, shares his insights on the evolving landscape of the quantum computing industry. His firm, PSIRCH (pronounced search), is pioneering in its focus on senior management roles within the quantum sector.

PSIRCH stands out as the only dedicated division of an established executive search firm specializing exclusively in quantum technology. Founded in 2019 under the umbrella of Berkhemer Clayton Executive Search, a 30-year-old firm, PSIRCH leverages decades of experience serving Fortune 500 companies, private multinationals, universities, and nonprofits. We are the only operation of our kind anywhere in the world, Phillips explains.

Phillips grew up in London and studied at Cambridge University; his fascination with quantum mechanics was ignited by lectures from Stephen Hawking. Despite his non-technical academic background, his passion for quantum led him to spearhead PSIRCHs quantum division following significant advancements in commercialization, such as Googles Quantum Supremacy announcement.

I was extremely interested in quantum technology coming up, Phillips says. In 2019, when commercialization began to take off, I realized we needed to carve out a niche in executive search for this burgeoning field.

Phillips highlights a critical challenge in the quantum computing market: the pervasive skepticism and cynicism, even among industry insiders.

The biggest hurdle we face is skepticism. Theres a pervasive cynicism even among industry insiders, he notes. To combat this, Phillips writes a monthly column titled The Unexaggerated Magic of Quantum in The Quantum Insider. I aim to debunk the myth that quantum technologys promises are overhyped. There is a lot of promise to quantum computing, and we need to shift the narrative from skepticism to optimism.

The global quantum landscape is vibrant, with significant activity in the US, Germany, France, the UK, the Netherlands, and Scandinavia. Companies like Pasqal in France and PsiQuantum, with its multinational roots, illustrate the industrys global integration.

Quantum is inherently global. You cant do quantum on a domestic basis, Phillips said.

The Quantum Insiders intelligence platform tracks the number of quantum computing companies, providing valuable insights into the market. The platform tracks over 1,300 vendors across the supply chain and the number continues to grow.

Government funding, particularly from the US Department of Energy and Department of Defense, underscores the strategic importance of quantum technology. This funding is crucial to maintaining a competitive edge, especially against countries like China. The strategic importance of quantum technology cannot be overstated. Its about staying ahead, particularly in the face of competition from China.

Yet, the market is still maturing. We are early to the game, Phillips acknowledges. Most companies are building their quantum teams from the ground up, starting with junior engineers. Its a grassroots approach.

For technical positions, a PhD is typically required, along with considerations around security clearances due to national security implications.

For technical roles, a PhD is almost always necessary. There are also significant national security concerns, so many positions require top secret security clearances, Phillips said.

For executive roles, theres more flexibility, according to Phillips, who added: You can bring in talent from adjacent industries. For example, a CEO might come from a tech background rather than quantum specifically.

PSIRCH employs a comprehensive approach to recruitment.

We use everything from social media to direct outreach and networking. We leverage our extensive network within the quantum industry and go the extra mile to ensure a thorough and creative assessment process, Phillips said

A key focus for PSIRCH is promoting women in leadership. Our CEO, Betsy Berkhemer-Credaire, has been a prolific advocate for women on corporate boards, Phillips said. Theres a strong movement within the quantum industry called Women in Quantum, which we actively support. Were seeing positive trends, though theres always room for improvement.

Phillips offers a glimpse into the future of the quantum technology sector: The quantum technology sector is poised for incredible growth. The need for specialized talent at the senior management level will become increasingly critical. With firms like PSIRCH leading the charge, the future looks promising.

Link:
Bridging the Gap: Shai Phillips on the Quantum Technology Executive Search Landscape - The Quantum Insider