Qindom, a Toronto-based quantum intelligence startup, has raised about $2.6 million (US$2 million) in a seed-stage financing.
The round was led by an angel investor, identified as one of the early limited partners of Sequoia Capital.
Launched in January, Qindom is a quantum intelligence research and application service provider. It aims to apply quantum computing technologies to solve complex combinatorial optimization problems in industrial scenarios.
Yao Wang, a Qindom co-founder and former Alibaba Group manager, said the funds raised will support the company’s strategic development.
Toronto-based Qindom Raises $2 Million USD Seed Round for Quantum Intelligence Application
TORONTO, Aug. 13, 2018 /PRNewswire/ – Toronto-based start-up Qindom has secured seed round funding for its quantum intelligence initiatives that aim for landing quantum computing in industry application. The $2 million USD financing is led by an individual investor, who is one of the early LPs of Sequoia Capital.
“The investment is significant for a start-up in quantum computing and will serve for Qindom’s strategic development toward future growth. We look forward to helping businesses leverage the power of quantum intelligence to navigate and transform in the coming quantum computing era,” said Yao Wang, Co-Founder of Qindom, a serial entrepreneur who previously served for Alibaba Group.
Qindom, based in Toronto, Canada, was founded in January 2018 as a quantum intelligence (QI) research and application service provider. The company’s open platform and intellectual properties are designed for applying quantum computing to revolutionize fundamental algorithms and models for combinatorial optimization problems, and for realizing quantum intelligence in real-world industry practices.
Qindom has gathered the most brilliant minds of our times from various academic fields and industries. The team is composed of world-leading scientists, industry experts and experienced entrepreneurs. 90% of Qindom’s R&D team are professors and have PhDs of cross-disciplinary backgrounds in Mathematics, Physics, Quantum Computing, Optimization, Machine Learning, Data Science, etc.
Qindom’s QI solution applies quantum computing technologies to address complex combinatorial optimization problems in various industrial scenarios. Quantum features, which include superposition state, entanglement effect, and tunneling effect, are combined with classic computing technologies under Qindom’s proprietary research and development. AI is among the areas where complex optimization problems locate. By reconstructing AI with quantum computing technologies in research and applications, QI will achieve parallel computing and fair sampling and boost the performance of all algorithms and models to the next level.
Qindom works closely with leading research institutes in North America and forms strategic partnerships with multiple industry leaders in Canada, China, and United States. Qindom’s clients and partners benefit from its RD&E services, cloud-based QI platform, and industry solutions. The company’s QI application currently constitutes prediction in financial investment, route planning in logistics, recommendation in e-commerce, and customer churn prevention in telecommunication and insurance, etc. Qindom’s current prototypes include a quantitative stock prediction and trading strategy system in FinTech, a customer churn and retention prediction and optimization solution for telecommunication, and a reserve requirement rate (RRR) optimization model for credit and risk control in banking.
“Qindom’s QI solution will apply quantum computing technologies to potentially address complex optimization problems in a wide array of industry application scenarios,” commented by Yao. “For the moment, we will focus on RD&E of our premier QI technology, build up the architecture of our QI-based cloud platform, and continue to seek business partners to expand Qindom’s QI community.”
Qindom is a premier Quantum Intelligence (QI) research and solution service provider. The company is set to provide sustainable QI solutions and pioneer industry standards. Its proprietary RD&E is designed for applying quantum computing to revolutionize fundamental algorithms and models and realizing QI in real-world industry practices.
Additional information may be found at http://qindom.com/home/| Twitter: @Qindom_Inc