LEESBURG, Va., April 27, 2023 /PRNewswire/ -- Quantum Computing Inc. ("QCI" or the "Company") (NASDAQ: QUBT), a first-to-market full-stack photonic-based quantum computing and solutions company, today announced the signing of a Memorandum of Understanding with AI firm millionways to demonstrate the power of artificial intelligence when combined with Quantum Computing Inc.'s Reservoir Quantum Computing (RQC).
The goal of the partnership is to explore and determine the business value of the combination of millionways' AI algorithms and QCI's existing RQC systems using audio files to produce an emotional scoring capability. If successful, the companies will develop a joint marketing and business development plan to pursue commercial opportunities.
millionways, a New York City based technology firm, is a leader in the development of AI algorithms used to effectively provide next-gen feedback to users on their emotional IQ and personality insights. Emotionally-intelligent AI can be continuously fed with speech entries like a diary, recognizing patterns and unconscious moods within speech and returns individual personality analysis to the user based on science and empathy. Currently, millionways' progressive emotionally-intelligent AI platform develops algorithms utilizing various forms of text, similar to others in the marketplace today. However, the real breakthrough for the AI platform is expected to occur when its emotionally-intelligent platform can respond to voice. QCI's RQC can process audio files and enable the emotional intelligence to directly process a whole new medium of voice, creating applications that will expand AI into useful business and personal consumer uses.
"This is the first joint commercial application of our reservoir computing technology. Over the past few months, we have done lots of internal tests on our systems, which has built our confidence in the opportunity of transforming the world of AI with quantum," stated Robert Liscouski, QCI's CEO. "The market is already familiar with what ChatGPT and other AI algorithms can do with classical computers. Using our unique quantum photonic hardware tailored to accelerate AI applications by addressing existing and emerging challenges such as power consumption, cost of systems, demands on training data sizes, and processing speed, we hope to greatly contribute to the growing interest and demand of AI. If we progress as we expect, we should be in the market with a commercialized application or product by year end 2023, if not sooner."
Reservoir computing is a type of machine learning technique that uses a fixed, random "reservoir" of interconnected nodes to perform computations on input data. The reservoir is a complex dynamical system that has a high-dimensional state space and exhibits nonlinear and chaotic behavior. The input data is fed into the reservoir, which transforms it in a non-linear way, and the output is obtained by reading out a linear combination of the reservoir's states. The key advantage of reservoir computing is that the reservoir can be pre-trained using simple random connections and then used as a fixed feature extractor for a wide range of tasks. Reservoir computing has been successfully applied to a variety of applications, including time-series prediction, speech recognition, image and video processing, and control systems. However, there are limitations to classical reservoir computing, particularly in training the computer, which can take a long time and require a lot of energy.
Quantum reservoir computing is a variation of classical reservoir computing that uses quantum-mechanics, such as superposition and entanglement principles, to create quantum-boosted neural networks. Quantum reservoir computing has a number of significant advantages over classical reservoir computing with, namely, increased connectivity and capacity, decreased training bias, and strengthened security. The photonic systems at QCI also deliver additional benefits of high energy-efficiency, versatility, and scalability.
Dr. Yuping Huang, QCI Chief Quantum Scientist stated, "From the beginning, we have strategically focused all our development efforts on quantum photonics, fully appreciating all the significant advantages over other methodologies and platforms. We hope to take advantage of cutting-edge photonic hardware which is well suited to handling quantum data processing and thereby, a significant cost and time savings. QCI's near term strategic plan is to make our RQC commercially available for the AI community to use and explore many different applications."
"We enthusiastically look forward to team up with QCI to demonstrate how our advanced AI capabilities will benefit from quantum information technologies. millionways has a number of practical capabilities already in the marketplace such as our Emotionally Intelligent AI that helps companies build the right team and develop a strong culture with highly motivated employees using our text-based personality analytics platform," stated Martin Cordsmeier, CEO of millionways. "QCI is one of the leading quantum hardware companies using photonics to create real world solutions. QCI's Reservoir Quantum Computer, with its ability to process audio files will add an incredible dimension to our AI platform and open completely new markets to allow users to interact with voice rather than typing text. Imagine the applications: everything from entertainment to medicine to ensuring that people have someone to talk to when they need to communicate. Elderly users who are isolated and alone would benefit greatly."
Quantum Computing Inc. expects to complete its initial work in the summer of 2023 and will announce follow on plans for collaboration after the results. Preliminary independent assessment by both companies proved highly interesting, though the actual results are expected to be published mid-year upon the conclusion of the proof of concept.
For additional information on the company's suite of solutions, please visit our website or contact our team directly.
About Quantum Computing Inc.
QCI is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world business solutions, delivering the future of quantum computing, today. The company is on a path to delivering an accessible and affordable full-stack solution with real-world industrial applications, using quantum entropy, which can be used anywhere and with little to no training. QCI's experts in finance, computing, security, mathematics and physics have over a century of experience with complex technologies ranging from leading edge supercomputing to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.
About millionways
millionways created the world's first emotionally-intelligent A.I. assessment tools, providing next-gen personality insights. Founded in New York, NY in 2017, millionways' disruptive technology is based on first time-digitalized PSI theory, natural language processing, meets several "zeitgeist topics" and can be utilized for B2B and B2C, which makes it a potential - currently untouched - billion dollar market opportunity. millionways was developed, and is continually evolving, through its team of renowned scientists, developers, psychologists, philosophers, deep thinkers, and people who use it. For more information, visit www.millionways.me/#/en.
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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 Inc. (the "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.
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