Accenture invests in quantum computing firm 1QBit; looks to boost analytics capabilities

INDIA: Accenture has made a minority investment in 1QBit, a quantum computing firm based in Vancouver, Canada, through Accenture Ventures. The move will help Accenture expand its capabilities in quantum computing analytics. Terms of the transaction were not disclosed.

Accenture will leverage its alliance with 1QBit to develop a quantum-inspired analytics capability through Accenture Analytics and scale pilot opportunities identified through the Accenture Labs.

Quantum-inspired analytics harnesses the power and properties of quantum computing to tackle business problems by orders of magnitude faster than traditional computing. 1QBit builds quantum and quantum-inspired software to help organizations solve their most demanding computational challenges. Its interdisciplinary team comprises mathematicians, physicists, chemists, software developers and quantum computing experts who develop novel solutions to problems, from research through to commercial application development.

Andrew Fursman, 1QBit's CEO and co-founder, said, "Establishing a strategic relationship with Accenture enables us to tap their vast capabilities, and bring 1QBit's expertise in quantum computing to a much broader base of clients. We are incredibly excited about the opportunities that our new relationship provides to help organizations take advantage of the benefits created by quantum-inspired analytics."

"Quantum computing is a turbocharger for analytics and the creation of new intelligence," said Narendra Mulani, chief analytics officer, Accenture Analytics. "We see massive potential for using the 1QBit platform on behalf of our clients to pursue quantum-inspired analytics, which will help us unlock even more value trapped in their data and find new opportunities to transform their businesses."

"The potential applications and benefits of quantum-inspired analytics is generating strong interest across numerous industries including financial services, life sciences, and oil & gas," said Paul Daugherty, Accenture's chief technology & innovation officer.

Earlier this year, Accenture and 1QBit announced that they collaborated with Biogen to develop a first-of-its-kind quantum-enabled molecular-comparison application that could speed up drug discovery for complex neurological conditions such as multiple sclerosis, Alzheimer's, Parkinson's and Lou Gehrig's disease.

Striving to be an innovator in the development of quantum-inspired enterprise solutions and applications, Accenture has already filed multiple patent applications. Examples include a multi-state quantum optimization engine that solves complex optimization problems by using nested calls to multiple quantum computing devices, and quantum computing methods to improve transportation systems, for example, to optimize the flight path of a drone system.