New $20M Investment From UMD Will Provide University and Its
Partners with Unprecedented Access to Quantum Computing
IonQ, Inc. (IonQ), the leading developer of quantum computing
devices, and the University of Maryland (UMD), an international
powerhouse in quantum research and applications, today announced a
partnership to create the National Quantum Lab at Maryland (Q-Lab).
The Q-Lab will be the nation’s first user facility that enables the
scientific community to pursue world-leading research through
hands-on access to a commercial-grade quantum computer.
UMD-affiliated students, faculty, researchers, staff and partners
across the country will have an unprecedented opportunity to gain
experience with IonQ’s industry-leading trapped-ion quantum
computer hardware and collaborate with IonQ scientists and
engineers.
The Q-Lab will be located in the UMD Discovery District, next to
IonQ’s headquarters in College Park, MD. Leaders in science,
engineering, and computing will co-locate in the Q-Lab, empowering
them to work together to develop novel quantum applications. The
facility will also enable training related to the use of IonQ’s
commercial-ready quantum hardware. Future generations of quantum
programmers will receive best-in-class support as they explore
projects at the cutting edge of computing, and graduate prepared to
address industry challenges.
As part of this new nearly $20 million quantum investment, UMD
now has access to IonQ’s quantum hardware--some of the most robust
in the market. Recent advances in quantum computing--including
IonQ’s recent demonstration of an industry-first 4x16 multicore
quantum architecture--are supporting transformative research across
areas including biology, medicine, climate science and materials
development. The Q-Lab is expected to significantly democratize
access to this innovative technology, generate new intellectual
property and attract global scientific and engineering talent to
the area. Building on the resources, programming and partnering
opportunities provided through UMD’s Quantum Startup Foundry and
the Mid-Atlantic Quantum Alliance, the Q-Lab offers another
incentive for entrepreneurs and startups to bring their businesses
to College Park and further galvanize the area’s robust private
sector ecosystem.
“No other university in the United States is able to provide
students and researchers this level of hands-on contact with
commercial-grade quantum computing technology and insights from
experts working in this emerging field,” said University of
Maryland President Darryll J. Pines. “We could not be more proud of
IonQ’s success and we are excited to establish this strategic
partnership, further solidifying UMD and the surrounding region as
the Quantum Capital of the world.”
UMD has long been a global center of excellence in quantum
computing and housed one of the laboratories out of which IonQ
emerged. This first-of-its-kind Q-Lab builds upon the university’s
$300 million investment in quantum science and more than 30-year
track record of driving advances in quantum physics and technology.
The university is home to more than 200 quantum-focused researchers
and seven centers, including the newly announced Quantum Leap
Challenge Institute for Robust Quantum Simulation, a
multi-institutional effort supported by a $25 million award from
the National Science Foundation.
“We are very proud that the nation’s leading center of academic
excellence in quantum research chose IonQ’s hardware for this
trailblazing partnership,” said Peter Chapman, president and CEO of
IonQ. “UMD has been at the vanguard of this field since quantum
computing was in its infancy, and has been a true partner to IonQ
as we step out of the lab and into commerce, industry, and the
public markets.”
The news continues a year of considerable momentum for IonQ. Its
trapped-ion quantum computers were recently added to Google Cloud
Marketplace, making IonQ the only supplier whose quantum computers
are available via all major cloud providers (Google Cloud,
Microsoft Azure, and Amazon Web Services). In addition, IonQ’s
co-founders joined the White House’s National Quantum Initiative
Advisory Committee to accelerate the development of the national
strategic technological imperative. Later this month, following a
stockholder vote, IonQ also anticipates becoming the first
publicly-traded, pure-play quantum computing company via a merger
with dMY Technology Group, Inc. III (NYSE: DMYI) (“dMY III”).
About the University of Maryland
The University of Maryland, College Park is the state's flagship
university and one of the nation's preeminent public research
universities. A global leader in research, entrepreneurship and
innovation, the university is home to more than 40,000 students,
10,000 faculty and staff, and 300 academic programs. As one of the
nation’s top producers of Fulbright scholars, its faculty includes
two Nobel laureates, four Pulitzer Prize winners and 59 members of
the national academies. The institution has a $2.2 billion
operating budget and secures more than $1 billion annually in
research funding together with the University of Maryland,
Baltimore. For more information about the University of Maryland,
College Park, visit www.umd.edu.
About IonQ
IonQ, Inc. is the leader in quantum computing, with a proven
track record of innovation and deployment. IonQ’s 32-qubit quantum
computer is the world’s most powerful trapped-ion quantum computer,
and IonQ has defined what it believes is the best path forward to
scale. IonQ is the only company with its quantum systems available
through the cloud on Amazon Braket, Microsoft Azure, and Google
Cloud, as well as through direct API access. IonQ was founded in
2015 by Christopher Monroe and Jungsang Kim based on 25 years of
pioneering research. To learn more, visit http://www.IonQ.com.
About dMY Technology Group, Inc. III
dMY III is a special purpose acquisition company founded by
Harry L. You and Niccolo de Masi for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses or assets.
Important Information About the Merger and Where to Find
It
This communication may be deemed solicitation material in
respect of the proposed business combination between dMY III and
IonQ (the “Business Combination”). The Business Combination has
been submitted to the stockholders of dMY III and IonQ for their
approval. In connection with the vote of dMY’s stockholders, dMY
III Technology Group, Inc. III has filed relevant materials with
the SEC, including a registration statement on Form S-4, which
includes a proxy statement/prospectus. This communication does not
contain all the information that should be considered concerning
the proposed Business Combination and the other matters to be voted
upon at the annual meeting and is not intended to provide the basis
for any investment decision or any other decision in respect of
such matters. dMY III’s stockholders and other interested
parties are urged to read the definitive proxy statement, dated
August 12, 2021 and any other relevant documents that are filed or
furnished or will be filed or will be furnished with the SEC
carefully and in their entirety in connection with dMY III’s
solicitation of proxies for the special meeting to be held to
approve the Business Combination and other related matters, as
these materials will contain important information about IonQ and
dMY III and the proposed Business Combination. On or about
August 12, 2021, dMY III mailed the definitive proxy
statement/prospectus and a proxy card to each stockholder entitled
to vote at the special meeting relating to the transaction. Such
stockholders are also be able to obtain copies of these materials,
without charge at the SEC’s website at http://www.sec.gov, at the
Company’s website at https://www.dmytechnology.com/ or by written
request to dMY Technology Group, Inc. III, 11100 Santa Monica
Blvd., Suite 2000, Los Angeles, CA 90025.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements may be made directly in this
communication. Some of the forward-looking statements can be
identified by the use of forward-looking words. Statements that are
not historical in nature, including the words “anticipate,”
“expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,”
“targets,” “projects,” “should,” “could,” “would,” “may,” “will,”
“forecast” and other similar expressions are intended to identify
forward-looking statements. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of dMY’s securities; (ii) the risk that the transaction may not be
completed by dMY’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by dMY; (iii) the failure to satisfy the conditions to
the consummation of the transaction, including the approval of the
merger agreement by the stockholders of dMY, the satisfaction of
the minimum trust account amount following any redemptions by dMY's
public stockholders and the receipt of certain governmental and
regulatory approvals; (iv) the lack of a third-party valuation in
determining whether or not to pursue the proposed transaction; (v)
the inability to complete the PIPE transaction; (vi) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the merger agreement; (vii) the effect of the
announcement or pendency of the transaction on IonQ’s business
relationships, operating results and business generally; (viii)
risks that the proposed transaction disrupts current plans and
operations of IonQ; (ix) the outcome of any legal proceedings that
may be instituted against IonQ or against dMY related to the merger
agreement or the proposed transaction; (x) the ability to maintain
the listing of dMY’s securities on a national securities exchange;
(xi) changes in the competitive industries in which IonQ operates,
variations in operating performance across competitors, changes in
laws and regulations affecting IonQ’s business and changes in the
combined capital structure; (xii) the ability to implement business
plans, forecasts and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities; (xiii) the risk of downturns in the market and the
technology industry including, but not limited to, as a result of
the COVID-19 pandemic; and (xiv) costs related to the transaction
and the failure to realize anticipated benefits of the transaction
or to realize estimated pro forma results and underlying
assumptions, including with respect to estimated stockholder
redemptions. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the “Risk Factors” section of the
registration statement on Form S-4 and other documents filed by dMY
from time to time with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and dMY and IonQ
assume no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither dMY nor IonQ gives any
assurance that either dMY or IonQ, or the combined company, will
achieve its expectations.
No Offer or Solicitation
This communication is for informational purposes only and does
not constitute an offer or invitation for the sale or purchase of
securities, assets or the business described herein or a commitment
to the Company or the IonQ with respect to any of the foregoing,
and this communication shall not form the basis of any contract,
nor is it a solicitation of any vote, consent, or approval in any
jurisdiction pursuant to or in connection with the Business
Combination or otherwise, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law.
Participants in Solicitation
dMY III and IonQ, and their respective directors and executive
officers, may be deemed participants in the solicitation of proxies
of dMY III’s stockholders in respect of the Business Combination.
Information about the directors and executive officers of dMY III
is set forth in the Company’s Form dMY III’s filings with the SEC.
Information about the directors and executive officers of IonQ and
more detailed information regarding the identity of all potential
participants, and their direct and indirect interests by security
holdings or otherwise, are set forth in the definitive proxy
statement/prospectus for the Business Combination. Additional
information regarding the identity of all potential participants in
the solicitation of proxies to dMY III’s stockholders in connection
with the proposed Business Combination and other matters to be
voted upon at the special meeting, and their direct and indirect
interests, by security holdings or otherwise, are included in the
definitive proxy statement/prospectus.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210908005403/en/
Sara Gavin University of Maryland (240) 626-1549
sgavin@umd.edu
Katie Pesek Mission North (703) 795-1928
ionq@missionnorth.com
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