Multiverse Computing, which is among the leading companies applying quantum computing techniques to financial applications, has partnered with Xanadu, a full-stack photonic quantum computing company, with the aim of expanding Multiverse’s use of Xanadu’s PennyLane software.
The key to this partnership looks to be the machine learning capabilities in PennyLane, an open source, device-agnostic platform that allows users to employ machine learning tools to train quantum computers the same way as neural networks. That will result in faster and easier development of applications for Mutiverse customers in areas ranging from risk modeling to market forecasting, the companies said.
While Xanadu also is focused on creating quantum computing hardware, its PennyLane software has proved to be a hit with many other companies in the sector since its initial release three years ago. It certainly has started off 2022 with a bang, as this is the second partnership announcement the company has been involved in over the last several days, the first being an alignment with Menten AI to use PennyLane in drug discovery applications.
Meanwhile, back in November of last year, Agnostiq partnered with Xanadu to use PennyLane, like Multiverse, to support the development of applications for the financial sector. PennyLane also was integrated with Amazon Braket way back in 2020. The popularity of PennyLane most certainly was a factor in Toronto start-up Xanadu’s ability to raise $100 million last year from Bessemer Venture Partners and other investors.
“With PennyLane at the core of Multiverse’s product suite, our financial services clients will gain access to tools and best practices in quantum programming, backed by one of the world’s largest open-source quantum communities,” said Samuel Mugel, CTO of Spain-based Multiverse Computing, in a statement on the partnership. “We see PennyLane as a critical tool for validating our product efforts, enhancing our ability to rapidly test and deploy new quantum capabilities across our financial user community.”
Multiverse continues to be aggressive in developing finance applications that leverage quantum, with its most recent offering being a Fair Price simulation solution announced last month.