1QBit Raises $45M Series B Round from Fujitsu, Accenture, and Allianz to Advance Industry Applications of Quantum Computing
Strategic investment and revenue contracts fund continued development of 1QBit's hardware-agnostic software platform and applications for solving industry's most demanding computational challenges.
VANCOUVER, British Columbia, Nov. 28, 2017 (GLOBE NEWSWIRE) -- 1QB Information Technologies Inc. (1QBit), a software company solving industry's most demanding computational challenges using the most advanced quantum and classical hardware available, today announced the close of a C$45 million Series B round comprising equity and revenue contracts. This funding round is led by Fujitsu Limited, with additional strategic investment by Accenture, Allianz, The Royal Bank of Scotland, and CME Ventures.
1QBit has experienced significant growth over the last year, adding key science and business leaders to its team of experts, and plans to use this latest investment to continue to expand its research and software development teams.
"These strategic partners strengthen 1QBit's position as a leader in applying classical and quantum computers to industry problems and expanding the breadth of our commercialization activities," said Landon Downs, President of 1QBit.
Over the last four years, 1QBit has grown into a multidisciplinary team of over 50 researchers, software developers, and industry experts who specialize in developing algorithms and software for quantum and classical computing, focused on machine learning, optimization methods, and simulation. The company develops solutions for industry-leading organizations facing computationally intensive problems in domains that include, advanced materials, life sciences, energy, and finance. 1QBit works directly with Fortune 500 clients, such as DowDuPont and Biogen, across these sectors.
"This strategic investment and partnership will enable our customers to use 1QBit's software platform and deep expertise in leveraging the most advanced hardware systems, including our digital annealer, to rapidly develop improved applications for solving sampling, optimization, and machine learning problems," said Naoko Yoshizawa, SVP, Head of Fujitsu's AI Platform Business Unit.
1QBit's expertise in quantum computing and a variety of specialized fields, including mathematics, physics, chemistry, materials science, and operations research, enables the development of novel algorithms for application-oriented software solutions for industry. The company's technology spans the full stack, from SDK to web API.
"The 1QBit platform accelerates our client's ability to leverage the most advanced quantum and classical processors available to solve their most complex business challenges, and gives them a hardware-agnostic solution that enables them to stay ahead of the computational curve," said Paul Daugherty, Accenture's Chief Technology & Innovation Officer. 1QBit and Accenture announced today that they have formed a strategic alliance which will help Accenture expand its analytics capabilities using quantum computing, and build a new era of intelligence for businesses and organizations.
1QBit redefines intractable problems by reframing them using the most effective quantum and classical processors. The company takes a hardware-agnostic approach to assess a partner's industry problem and develops an API that will produce the best available results today, while continually improving upon them through the ability to switch the underlying solvers as new software is released and hardware architectures are developed.
1QBit is actively involved in the global community and the conversation around computational progress as an advisor and strategic partner in the new UNICRI Centre for Artificial Intelligence and Robotics, as a 2015 World Economic Forum Technology Pioneer, and as a member of the WEF Global Future Councils, The Future of Computing.
1QBit is dedicated to building quantum and quantum-inspired software to solve the world's most demanding computational challenges. The company's hardware-agnostic platforms and services enable the development of applications which scale alongside advances in both classical and quantum computers. 1QBit partners with Fortune 500 clients and leading hardware providers to redefine intractable industry problems in the areas of optimization, simulation, and machine learning. Headquartered in Vancouver, Canada, 1QBit's interdisciplinary team of 50 comprises mathematicians, physicists, chemists, software developers, and quantum computing experts who develop novel solutions to problems, from research through to commercial application development. For more information, please visit https://1qbit.com.
Contact: Amanda Downs
Cell Phone: +1 (778) 987-8191
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: 1QB Information Technologies (1QBit) via Globenewswire
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