Quantum Computing Inc. (“QCI'' or the “Company”) (Nasdaq: QUBT), a
leader in bridging the power of classical and quantum computing,
today announced their business partnership and exclusive marketing
agreement with QPhoton, Inc., a leading innovator in the quantum
photonic technology space. The companies will work together to
merge QCI’s quantum software solution, Qatalyst™, with QPhoton’s
advanced photonic quantum technologies for its application to
QCI-specific solutions.
QPhoton’s technology is a condensate of ground-breaking quantum
research over two decades, with the support from DARPA, NSF, NASA,
DoD, and other prestigious federal funding agencies. Dr. Yuping
Huang, CEO of QPhoton, the Gallaher associate professor of physics
and director of the Center for Quantum Science and Engineering at
Stevens Institute of Technology, has led many pivotal, large-scale
quantum projects both at Northwestern University (2009-2014) and
now Stevens (2014-present), for a total fund volume of ~$30
million.
“QCI is committed to developing quantum computing solutions that
bring real value to business and government customers - today. We
believe our partnership with QPhoton has the potential to
accelerate and expand our effort to democratize quantum computing
with groundbreaking and immediately usable quantum solutions that
are affordable and can deliver ROI to end users,” said Robert
Liscouski, CEO of QCI. “As a quantum innovator, QPhoton leverages
two decades of leading quantum studies to bring significant quantum
value to the market including advanced photonic chips, quantum
nanophotonics, quantum-boosted sensing (Light Detection and
Ranging), quantum-secured cyber applications, and quantum
networks.”
Liscouski added, “We are honored to partner with such a
visionary scientist and innovator as Dr. Huang.”
“I am honored and truly excited to partner with QCI in this
effort,” stated Dr. Yuping Huang, CEO of QPhoton. “It is my dream
and life’s work to bring quantum advantages to everyday technology
users and to make it widely available to disciplines across
industries. If quantum is indeed going to change the world, it
shall be made accessible to everyone.”
“QPhoton’s agreements with QCI are a major step forward in
achieving this vision. I look forward to a long and prosperous
working relationship with QCI,” added Dr. Huang.
QCI is focused on creating powerful quantum optimization
software and algorithms that can be processed on any quantum
computer in a fraction of the time and effort currently needed. By
coupling quantum hardware technologies from QPhoton with Qatalyst,
QCI will deliver more powerful solutions to accelerate the
application and value from quantum computing for specific
applications and markets. QPhoton technologies will also offer QCI
reseller, technology and QPU partners enhanced solutions to further
accelerate the adoption of quantum computing.
A key advantage of the Qatalyst software is that it is
hardware-agnostic, supporting a variety of quantum technologies and
QPUs, each with their own unique performance and computational
attributes. This eliminates the need for deep, complex low-level
coding and vendor lock-in required by available software
alternatives. By adding QPhoton’s capabilities, QCI believes that
the proposed partnership has the potential to allow QCI to add
photonic technologies into its supported quantum hardware
technology, further expanding its customers’ options when selecting
their preferred quantum IP and/or approaches to quantum
computing.
“I am very grateful for the continued trust and generous support
by the government,” said Dr. Huang. “My commitment in those
projects has always been twofold: advancing knowledge and creating
broader impacts. Partnering with QCI, QPhoton will contribute
significantly to the rise of the quantum industry in the U.S. and
help deliver on the promises we made to the government.”
Pursuant to the Exclusive Marketing Agreement, the companies
will seek to jointly sell and market the quantum and photonic
products and services developed by the parties. The agreement also
includes a Note Purchase Agreement that provides for a $2.5 million
note. To date, QCI has provided $1.25 million to QPhoton, and
agreed to provide an additional $1.25 million subject to certain
conditions. The proceeds are intended to allow QPhoton to continue
its ongoing photonic innovation and establish joint R&D with
QCI.
“A significant part of our value proposition is to expand and
extend the capabilities of current QPU technology by conditioning
the customer application to scale with the QPU capability to
deliver real business value,” explained Dr. William McGann, COO and
CTO of QCI. “We believe that the newly emerging quantum
technologies using photonic methods will create significant
advances as we deliver real business quantum solutions to problems
that are plaguing several areas of industry such as logistics and
supply chain.”
QPhoton has secured a wide spectrum of quantum IP covering
quantum sensing, communications, encryption, and nanophotonic
chips. “Its engineers have successfully developed advanced
nanophotonic and microelectronic circuits, and a series of
prototype systems for quantum big data processing and
measurement, demonstrating significant advantages over
the state-of-the-art.”
“As demonstrated in our BMW Challenge submission concerning
sensor placement, the volume of sensors and possible combinations
demand significant optimization processing power,” added Liscouski.
“Working with QPhoton, we will create an integrated quantum
solution that offers the opportunity to better solve these types of
problems with a suite of highly integrated and optimized quantum
technologies, including quantum sensors, quantum processors and
quantum software.”
The agreement includes exclusive marketing rights to QPhoton’s
quantum and photonic computing technologies and resources. The
companies expect to demonstrate initial joint quantum solutions in
the Q4 2022 time frame.
To learn more about QCI and how Qatalyst can deliver results for
your business today, go to www.quantumcomputinginc.com.
About Quantum Computing Inc.Quantum Computing
Inc. (QCI) (Nasdaq: QUBT) is focused on accelerating the value of
quantum computing for real-world business solutions. The company’s
flagship product, Qatalyst, is the first software to bridge the
power of classical and quantum computing, hiding complexity and
empowering SMEs to solve complex computational problems today.
QCI’s expert team in finance, computing, security, mathematics and
physics has over a century of experience with complex technologies;
from leading edge supercomputing innovations, to massively parallel
programming, to the security that protects nations. Connect with
QCI on LinkedIn and @QciQuantum on Twitter. For more information
about QCI, visit www.quantumcomputinginc.com.
About QPhoton, Inc.QPhoton, Inc. of Kearny, NJ,
innovates and delivers quantum-empowered technologies to create
unmatched values in areas of biomedics, remote sensing, cyber
security, and AI. It maintains a growing and diverse portfolio of
patented intellectual properties, including patent groups and
proprietary prototypes, that cover quantum hardware and protocols
for authentication, processing, simulators, photonic lidar,
imaging, covert communications, etc. QPhoton is proud to provide
cost-effective hardware solutions, including nanophotonic products,
to satisfy the needs of customers and help them succeed in a highly
competitive industry.
Important Cautions Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. By their nature, forward-looking statements and
forecasts involve risks and uncertainties because they relate to
events and depend on circumstances that will occur in the near
future. Those statements include statements regarding the intent,
belief or current expectations of Quantum Computing (“Company”),
and members of its management as well as the assumptions on which
such statements are based. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements.
The Company undertakes no obligation to update or revise
forward-looking statements to reflect changed conditions.
Statements in this press release that are not descriptions of
historical facts are forward-looking statements relating to future
events, and as such all forward-looking statements are made
pursuant to the Securities Litigation Reform Act of 1995.
Statements may contain certain forward-looking statements
pertaining to future anticipated or projected plans, performance
and developments, as well as other statements relating to future
operations and results. Any statements in this press release that
are not statements of historical fact may be considered to be
forward-looking statements. Words such as “may,” “will,” “expect,”
“believe,” “anticipate,” “estimate,” “intends,” “goal,”
“objective,” “seek,” “attempt,” “aim to,” or variations of these or
similar words, identify forward-looking statements. These risks and
uncertainties include, but are not limited to, those described in
Item 1A in the Company’s Annual Report on Form 10-K, which is
expressly incorporated herein by reference, and other factors as
may periodically be described in the Company’s filings with the
SEC.
Qatalyst™ is the trademark of Quantum Computing Inc. All other
trademarks are the property of their respective owners.
Company Contact:Robert Liscouski, CEOQuantum
Computing Inc.+1 (703) 436-2161Email Contact
Investor Relations Contact:Ron Both or Grant
StudeCMA Investor Relations+1 (949) 432-7566Email Contact
Media Relations Contact:Seth MenackerFusion
Public Relations+1 (201) 638-7561qci@fusionpr.com
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