Inside Quantum Technology

Quantum News Briefs July 13: Truist and IBM collaborate on emerging technology innovation & quantum computing; One of Japan’s three megabanks bets on quantum computing; UChicago’s Laura Gagliardi earns Linus Pauling medal for quantum contributions to chemistry + MORE

Quantum News Briefs looks at news in the quantum industry.

Quantum News Briefs is a news series that looks at news in the quantum computing industry.

Quantum News Briefs July 13:

Truist and IBM collaborate on emerging technology innovation and quantum computing

Truist Financial Corp and IBM announced on July 12 that the bank will join the IBM Quantum Accelerator program in addition to welcoming IBM to the bank’s Innovator in Residence program.Quantum News Briefs summarizes the announcement.
This collaboration will serve to spur technology innovation in banking while exploring opportunities for the application of quantum computing in the banking industry.
The agreement to participate in the IBM Quantum Accelerator program will focus on developing Truist’s internal expertise in quantum computing with the goal of achieving a quantum-ready state, positioning the bank to exploit the technology’s future potential. Under the agreement, Truist will gain access to IBM’s premium quantum computing systems, deep expertise and enablement resources. IBM will work with the Truist team to build quantum skills and explore how the technology could benefit their use cases in consumer banking.
“This collaboration with IBM is a reflection of our commitment to investing in new technologies to deliver on our purpose to inspire and build better lives and communities,” said Scott Case, Chief Information Officer at Truist. “Quantum computing has the potential to transform how we do banking and solve complex problems. IBM is a leader in quantum computing and their collaboration and expertise will be invaluable to ensure we are able to leverage these new technologies to the fullest potential.”
Additionally, building on more than 15 years of collaboration with the bank, IBM will become one of Truist’s Innovators in Residence. This program brings together tech giants and startups at Truist’s Innovation and Technology Center to collaborate with Truist’s resident innovators creating an environment to explore new and emerging technologies in finance. As part of this commitment, IBM will deploy dedicated teams with subject matter expertise onsite and share knowledge relating to emerging payment technologies, operational resiliency, artificial intelligence, automation, and business process and operations transformation. Click here to read complete announcement in IBM’s newsroom.

One of Japan’s three megabanks bets on quantum computing

Tom Fries of 24/7 Wall Street reported that MUFG Bank, one of the three megabanks in Japan, reportedly invested billions of yen to buy a 18% stake in Groovenauts, a quantum computing startup. Quantum News Briefs summarizes the article.
The investment makes MUFG the first among Japan’s three largest banks to bet on quantum technology and attempt to leverage it for financial services. MUFG Bank’s investment in Groovenauts underscores the growing interest in quantum technology, which can potentially disrupt numerous industries, including finance. The Tokyo, Japan-based bank seeks to gain a competitive edge in the banking sector through this bet.
MUFG Bank, the largest bank in Japan and one of the biggest in the world, has invested in Groovenauts, a local startup that develops advanced quantum technology solutions. Through the investment, MUFG seeks to utilize Groovenauts’ quantum tech offerings to improve its financial services.
Specifically, MUFG will use the technology for complex transactions associated with derivatives trading and risk management and boost its operational efficiency. Groovenauts provides computing services via a technique known as “quantum annealing,” which is meant to identify the optimal answer from many combinations.
MUFG acquired an 18% stake in Groovenauts for several billion yen, making the startup the bank’s equity-method affiliate. The move marks the first direct investment in a quantum computing company among Japan’s three megabanks. Click here to read article in-entirety.

UChicago’s Laura Gagliardi earns Linus Pauling medal for quantum contributions to chemistry

University of Chicago chemist and professor Laura Gagliardi has been selected as the recipient of the 2023 Linus Pauling Medal Award for outstanding achievements in Chemistry. Gagliardi is honored for the development of groundbreaking electronic structure theories and combined classical/quantum methodologies that have accelerated the design of new materials, including reticular frameworks.The award, named after the Nobel-Prize winning chemist, is presented annually by the Puget Sound, Oregon, and Portland Sections of the American Chemical Society.
“I am deeply honored by this incredible recognition,” said Gagliardi.
“The distinguished scientists who have previously received this honor—including our esteemed [University of Chicago] President, Paul Alivisatos—are truly remarkable individuals.”
Originally from Bologna, Italy, Professor Gagliardi is a theoretical and computational chemist who utilizes advanced chemical computation to predict and model chemical phenomena. Her multidisciplinary background, spanning physical, inorganic, and materials chemistry, enables her to develop and employ computational chemistry tools to solve complex problems.
Among various accomplishments, she has recently worked in collaboration with the Yaghi Group at UC Berkeley on the characterization of the structure of a metal-organic framework—MOF-303—that is ideal for water harvesting from air. Gagliardi combined computer simulations and data science with Yaghi’s structural characterization, demonstrating for the first time how water uptake occurs in MOF-303 at the individual water molecule level. Recently, Gagliardi says, they’ve predicted a new MOF that has a water uptake capacity about 30% superior to the initial MOF-303.
Collaboration continues to be important to Gagliardi’s work.In addition to managing her team of investigators in the Gagliardi Group, whose work “addresses the most compelling challenges of our planet related to clean energy,” she also directs the Chicago Center for Theoretical Chemistry and holds joint appointments in the Pritzker School of Molecular Engineering and James Franck Institute. Click here to read announcement in-entirety.

Quantum Delta NL receives €60.2M to accelerate Europe’s quantum tech developments

Delft-based Quantum Delta NL (QDNL), a public-private foundation for excellence in quantum innovation, announced on Tuesday, July 3 that it has raised €60.2M in funding from The National Growth Fund (NGF) as the Dutch contribution to the trilateral agreement with France and Germany. Quantum News Briefs summarizes the Silicon Canals article by Vishal Singh.
The joint programme’s goal is to improve cross-border strategic R&D links in order to accelerate the growth of the European Quantum Technologies Industry.
France, Germany, and the Netherlands are leading member states in terms of their respective R&D and startup ecosystems, and the maturity of their national quantum projects.
In November 2022, officials of the respective governments already signed the Memorandum of Understanding (MoU) with the intention to collaborate. The Dutch are funding the implementation with this investment.
In order to support the plan, France and Germany have pledged their own finances for a joint R&D call and the creation of shared facilities in the style of a “European Quantum Campus”, while also utilising funding from their own state programmes. Click here to read the article in-entirety

Sandra K. Helsel, Ph.D. has been researching and reporting on frontier technologies since 1990.  She has her Ph.D. from the University of Arizona.


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