LEESBURG, Va., May 22, 2023
/PRNewswire/ -- Quantum Computing Inc. ("QCI" or the "Company")
(NASDAQ: QUBT), the first-to-market full-stack photonic-based
quantum computing and solutions company, today announced that its
Board of Directors has unanimously approved the signing of a
non-binding Letter of Intent (LOI) to acquire up to 100% of the AI
firm, millionways, creator of the world's first
emotionally-intelligent AI platform, pending the completion of due
diligence by independent third party valuation and fairness opinion
firms. The LOI follows the teaming and combining of millionways' AI
sensing algorithms with QCI's quantum photonics computing power,
including substantive progress made since the Company's initial
testing engagement announced in April
2023.
Based in New York City,
millionways is a leader in the development of AI algorithms used to
effectively provide next-gen feedback to users on their emotional
state and personality insights. Millionways' advanced
emotionally-intelligent AI platform uniquely combines analysis and
matchmaking algorithms based upon various forms of user-generated
text or audio-to-text data with at least 500 words. The
technology offers quick-turnaround analysis. Unlike other
machine learning platforms such as ChatGPT, Alexa, or Siri, the
millionways proprietary methodology and algorithms make behavorial
predictions based on psychological patterns driven by underlying
emotions. The methodology, known as Personality Systems Interactive
(PSI) theory, is a recognized and validated model for studying the
dynamics of personality development and emotional state. The
millionways AI model delivers human behavior personality
assessments that have clear applications in making the most
informed decisions in healthcare, hiring, dating, customer
relations, and general applications where social interactions drive
behavorial outcomes.
Over the past year, QCI has built and tested multiple hybrid AI
hardware systems using photonics and quantum mechanics to boost
machine learning efficiency, reduce the power consumption, and
significantly speed up the training. Those systems have
demonstrated substantial advantages over existing digital
electronic hardware for many AI applications. Upon those successes,
the QCI near-term strategy includes (1) offering
laptop/desktop-size devices for sale, (2) seeking industry
partnerships to explore various applications in different
application domains, and (3) partnering with millionways to
demonstrate/highlight the Company's commitment to AI and accelerate
its entrance into the industry.
Robert Liscouski, QCI's CEO and
co-founder commented that, "The strategic integration with QCI's
Reservoir Computing systems will "supercharge" millionways'
algorithms to ingest audio files, adding a significant new
capability to overlay context and tonal information to the existing
natural language processing to text conversion data used by the
system today. Emotionally-intelligent AI can be continuously fed
with voice entries and ultimately live video to recognize patterns
and unconscious moods directly within speech and body, thus
returning a more accurate and comprehensive personality analysis of
a user."
Mr. Liscouski continued, "The rise of AI applications relies on
the fast expansion of computing power and lowering its voracious
need for electricity. QCI's hybrid hardware solutions meet the
evolving needs of AI and delivers remarkable computing speed, low
electric power needs with minimal heat dispersion and supports
large-scale parallel processing and thereby the agility to compete
with large data centers on big data challenges. This particular
partnership will enable the development of new personality
algorithms that can be trained and adapted much faster, more
accurately and at lower cost."
Mr. Liscouski noted, "It is our long term stated mission to
democratize quantum technologies and bring this power to AI
companies, affording them the ability to compete at levels that
heretofore have only been open to large and well-funded
companies. Importantly, we recognize that the field of AI is
quickly evolving and has come under significant scrutiny. QCI
and millionways are aligned to demonstrate that the combination of
our technologies will be able to ensure the integrity of the output
of AI systems and determine if text, speech or video is fake or
real."
According to the terms of the LOI, QCI will provide a series of
three bridge loans to millionways starting at $125,000 and potentially aggregating up to
$2,000,000, at QCI's discretion. Upon
the completion of the first bridge loan, QCI will have the right of
first refusal ("RoFR") to purchase millionways for a one-year
period. Upon completion of the final bridge loan, QCI's RoFR will
include a predetermined maximum valuation. The bridge loans
would carry an interest rate of 10% per annum, a term of 12 months
and will be pari passu to all other existing debt of millionways,
excluding any payables to the key internal stakeholders. In
the event QCI enters into the proposed three bridge loans and
decides not to proceed with an acquisition of millionways, the
bridge loans would become senior to all existing debt with the
exception of short-term bank lines and similar short-term
obligations. Furthermore, QCI has the option to convert the bridge
loans at any time into SAFE notes, which would not carry an
interest rate, but would be convertible into shares of millionways
common stock at the lowest discount provided to other
investors.
Martin Cordsmeier, CEO of millionways stated, "The market for a
low-cost ability to objectively analyze individual personalities en
mass is an extremely large and lucrative market. In the quantum
space, QCI has established itself as a leader in hardware
innovation and commercialization. Like QCI, millionways has
already begun commercialization. As of last summer, we have
conducted preliminary integration of use cases with over 50 major
US companies. Also, like QCI, we have a core technology that
can be easily and affordably flexed to solve major business
challenges in any industry, which makes the idea of combining our
two teams even more attractive. Within the first few days of
our launching our testing engagement in April, it became apparent
that using QCI's unique hybrid systems of quantum, photonics, and
electronics would allow our AI developers the ability to extend our
already vast capabilities using the massive increase in processing
power with amazingly low electricity costs. Even more
impressive, given the predictive and virtually simultaneous
processing capability of QCI in all matters of rich media, future
applications of our combined technology could be endless."
For additional information on the companies' solutions, please
visit: Quantum Computing Inc. (QCI) and
millionways.
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 2021,
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 https://millionways.me
About Quantum Computing Inc. (QCI)
Quantum Computing Inc. is a full-stack quantum hardware and
software 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 delivers accessible and
affordable full-stack solutions with real-world industrial
applications, using photonic-based quantum entropy, which
can be used anywhere and with little to no training, operates at
normal room temperatures and low power. QCI is competitively
advantaged delivering its quantum solutions at greater speed,
accuracy, and security at less cost QCI's core entropy
computing capability, the Dirac series, delivers solutions for both
binary and integer-based optimization problems using over 11,000
qubits for binary problems and over 1000 (n=64) qudits for
integer-based problems, each of which are the highest number of
variables and problem size available in quantum computing
today. Using the Company's core quantum methodologies, QCI has
also developed specific quantum applications for AI, cybersecurity
and remote sensing, including its Reservoir Quantum Computing,
reprogrammable and non-repeatable Quantum Random Number Generator
and LiDAR products. For more information about QCI, visit
www.quantumcomputinginc.com.
About QI Solutions, Inc. (QIS)
QI Solutions, Inc., a wholly owned subsidiary of Quantum
Computing Inc., is a supplier of quantum technology solutions and
services to the government and defense industries. With a team of
qualified and cleared staff, QIS delivers a range of solutions from
entropy quantum computing to quantum communications and sensing,
backed by expertise in logistics, manufacturing, R&D and
training. The company is exclusively focused on delivering tailored
solutions for partners in various government departments and
agencies.
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 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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SOURCE Quantum Computing, Inc