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Financial Service Providers Back Canadian Quantum Computing Firm’s Series B Funding

by on November 30, 2017
 

It doesn’t happen all that often banks show an interest in quantum computing. Despite this technological development being important, it is unclear if financial institutions will benefit from such a  breakthrough. Various financial services firms have invested in 1QBit’s Series B Funding. A Total of CA$45m has been raised by this Canadian company. A surprising development, although a big milestone for the startup.

Most people won’t be familiar with the name 1QBit. That is not surprising, as this company is still in the early stages of developing quantum computing solutions. It is a rather ambitious goal, though, as one doesn’t create such a product out of thin air. Over four years have been spent on finding new algorithms and software for this specific purpose. The company has a team of over 50 researchers, experts, and software developers.

Quantum Computing Matters

Researching quantum computing doesn’t come cheap. Staffers need to be paid and new hardware needs to be purchased. The company recently closed its Series B funding round for CA$45m. Among the backers are RBS, Allianz, Fujitsu, and a few other financial services firms. This goes to show the financial sector is all too aware of developments like these. While there may not be a direct use case, it is important to remain ahead of the competition.

Accenture’s CTO and CIO Paul Daugherty comments:

“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.”

The Canadian company focuses on computationally intensive problems. Such problems arise in any industry, including the financial sector. It is only a matter of time until this technology is commercialized. Both Accenture and Fujitsu have reached an agreement to bring such a service to their clients. It will be interesting to see how this new technology is used moving forward. Quantum computing is the next frontier in the world of technology.

Header image courtesy of Shutterstock

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