LEESBURG, Va., Feb. 24, 2022 (GLOBE NEWSWIRE) -- 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 Statements
This 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, CEO
Quantum Computing Inc.
+1 (703) 436-2161
Email Contact
Investor Relations Contact:
Ron Both or Grant Stude
CMA Investor Relations
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Fusion Public Relations
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qci@fusionpr.com
