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RBS and Allianz join C$45m funding round for quantum computing startup 1QBit

A host of financial services firms, including the Royal Bank of Scotland, have joined a C$45 million Series B funding round for Vancouver-based quantum computing startup 1QBit Information Technologies.

Led by Fujitsu, the round, comprising equity and revenue contracts, was also joined by insurance giant Allianz, CME Group’s venture arm, and Accenture.

Over the last four years, 1QBit has built up a team of over 50 researchers, software developers, and industry experts who specialise in developing algorithms and software for quantum and classical computing, focused on machine learning, optimisation methods, and simulation.

The firm works with clients in areas such as finance, energy and life sciences, helping them tackle “computationally intensive problems”. The latest round will not only pump money into the company as it builds up its hardware-agnostic software platform, but also see Accenture and Fujitsu offer the technology to their clients.

Paul Daugherty, chief technology and innovation officer, Accenture, says: “The 1QBit platform accelerates our client’s ability to leverage the most advanced quantum and classical processors available to solve their most complex business challenges, and gives them a hardware-agnostic solution that enables them to stay ahead of the computational curve.”

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