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- IBM's Quantum Breakthrough, HSBC Ventures into Quantum, Honeywell's Cybersecurity Move, Phasecraft's Funding, and Duality Accelerator's Selections
IBM's Quantum Breakthrough, HSBC Ventures into Quantum, Honeywell's Cybersecurity Move, Phasecraft's Funding, and Duality Accelerator's Selections
Quantum Intelligence 🤖
Bell State
September 06, 2023
Welcome to The Bell State.
Your weekly roundup of the biggest breakthroughs in Quantum Computing.
IBM Breaks Ground with Error-Correcting Codes
IBM has made an announcement unveiling error-correcting codes for near-term quantum computers. Unlike traditional error correction methods, IBM's solution addresses the unique challenges posed by quantum computing, including phase errors and maintaining the integrity of qubit data. The ability to ensure data accuracy is paramount, especially for applications such as spaceflight, weather prediction, threat identification, and risk assessment.
HSBC Teams Up with Terra Quantum to Explore Quantum Technology for Capital Allocation Optimization
HSBC is collaborating with Terra Quantum on an experiment to explore using quantum for optimizing capital allocation. The focus is on collateral management, using advanced mathematical and algorithmic strategies to balance risks, liquidity, and profitability. Unlike traditional methods relying on linear problem solvers, quantum technology has the potential to handle complex high-dimensional problems at a larger scale. HSBC has been actively involved in quantum technology applications in finance, including joining a quantum-secured network, partnering with IBM, and collaborating with Quantinuum for cybersecurity and quantum computing initiatives.
Honeywell Teams Up with Quantinuum to Fortify Smart Meters with Quantum Encryption, Enhancing Utility Cybersecurity
Honeywell is partnering with Quantinuum to integrate quantum-hardened encryption keys into its smart meters for electric, gas, and water utilities. This move aims to provide consumers with enhanced protection against future cyber threats. By utilizing Quantinuum's Quantum Origin technology, which leverages quantum computing to generate cryptographic keys, Honeywell wants to establish a new standard in safeguarding critical utility infrastructure and ensuring uninterrupted functionality. The quantum-enhanced smart meters are already available in Europe and North America, allegedly offering a heightened level of data security.
Phasecraft Raises £13 Million in Series A Funding for Quantum Computing Advancements
Phasecraft has secured £13 million in Series A funding, led by Playground Global and supported by AlbionVC and existing investors. The funding will be used to expand their team and advance quantum algorithms to achieve practical quantum advantage, particularly in material discovery for clean energy. Phasecraft's innovative algorithms aim to bridge the gap between quantum theory and practical applications, making quantum computing more efficient. They have already demonstrated significant improvements in simulating quantum materials and optimizing quantum optimization algorithms. This funding brings their total venture funding to £17.25 million, along with £3.75 million in grant funding.
Chicago’s Duality Accelerator Program Selects Four Quantum Computing Companies
The Duality accelerator program has chosen four quantum computing companies for its latest cohort, aiming to advance quantum hardware and boost Chicago's quantum landscape. The selected companies, Icarus Quantum, Ingenii, Ki3 Photonics, and reOrbital, will receive $50,000 in unrestricted funding, mentorship from top quantum experts, networking opportunities, and access to state-of-the-art resources for advanced computing. The program focuses on hardware companies with the potential to relocate to Chicago, with an emphasis on resource allocation and individualized support.
