The Week in Quantum Computing - November 6th - Atlantic Quantum's Breakthrough, Quantum Job Surge, and $850B Investment Forecast Amid Challenges in Dutch Ecosystem
Issue #159
The Week in Quantum Computing. Brought to you by Sergio Gago (@piratecto).
Quick Recap
Atlantic Quantum has developed a new qubit coupling architecture that reduces errors. Demonstrating superior performance of fluxonium superconducting qubits compared to transmon-based quantum computers. Researchers from the University of Queensland, have miniaturized a crucial component in quantum computing, the microwave circulator, and launched the first Quantum company in the region: Analogue Quantum Circuits (AQC) to commercialize the innovation. On the investment front, significant growth is expected, with up to $850 billion anticipated over the next 30 years. QURECA and Moody's Analytics have teamed up to create a comprehensive training course titled "Quantum Computing for Quants", aiming to bridge the gap between quantum computing and the financial sector. The Dutch quantum technology ecosystem is facing challenges in attracting investors, according to the Dutch Financial Times. Despite government investments, private funding is lagging, which could risk Dutch quantum companies falling behind. Multiverse Computing, Moody's Analytics, and Oxford Quantum Circuits have secured funding from Innovate UK to develop large-scale flood prediction models using quantum methods. Anther grant from Innovate UK has been awarded to Rigetti, to enhance quantum machine learning methods in anti-money laundering detection, in collaboration with HSBC, the Quantum Software Lab at the University of Edinburgh, and the National Quantum Computing Centre.
Have we cracked Shor yet?
Maybe you have read the news (I won’t even link them here) that somebody published on Linkedin that they have cracked RSA 2048 for good. This was a very long thread that exploded, and since then a few media outlets echoed the rumour. Ed Gerck’s research is still in preprint and not available to anyone. The group has not been able to provide any real proof. Now, if I had to make a guess, I would say this is not true. There is a reason for peer review and transparency in the industry. Posting a teaser in social media but then not backing your claims does not add to your case. So, hold your horses, our nice RSA keys seem to be safe still. But do not rest on your laurels and make sure you have a PQC strategy in place!
100 Qubit experiments in the age of Quantum Utility
Excellent video explaining the experiments here:
The Week in Quantum Computing
Reaching New Heights: Achieving Record-Breaking Single- and Two-Qubit Gates with Fluxonium Qubits
Leon Ding, Max Hays, and their team at Atlantic Quantum have developed a new qubit coupling architecture that significantly reduces errors in quantum computing operations. This breakthrough uses the fluxonium superconducting qubit, which differs from the conventional transmon in construction, operation, and underlying physics. The team's study, published in Physical Review X, demonstrates fluxonium's superior performance in multi-qubit devices compared to the best transmon-based quantum computers. The lower qubit frequency of the fluxonium also allows for cheaper control electronics and more precise control signals. Atlantic Quantum's research suggests that the fluxonium qubit could herald a new era of scalable, high-quality quantum computers.
Queensland researchers at forefront of quantum computer leap
Researchers from the University of Queensland have made a significant leap in quantum computing by miniaturizing a crucial component, the microwave circulator, to a tenth of the width of a human hair. This component, previously the size of a matchbox and costing thousands of dollars, can now be produced at a fraction of the cost. The researchers, Professor Andrew White and Professor Tom Stace, have launched Queensland's first Quantum Computing company, Analogue Quantum Circuits (AQC), to commercialize these microscopic components. They believe this innovation can position Queensland as a significant player in the quantum computing industry. The components are created in a super-cold environment, 100 times colder than outer space, to maintain their fragile quantum properties.
Quantum Jobs: So you want to work in Quantum Computing?
The quantum computing industry is generating a variety of new job roles beyond the traditional PhD physicist, according to Quantum Zeitgeist. As the technology matures, roles such as quantum software developers, quantum hardware engineers, quantum algorithm researchers, and quantum information scientists are emerging. Additionally, the industry requires quantum project and product managers who understand the product intimately. Industries such as pharmaceuticals, finance, logistics, and materials science stand to benefit enormously from quantum computing, increasing demand for these professionals.
https://quantumzeitgeist.com/quantum-jobs-work-in-quantum-computing/
Quantum Computing and the Implications for the Securities Industry
President Biden recognized the implications of QC by signing the Quantum Computing Cybersecurity Preparedness Act into law in December 2022. Although only 1% of companies budgeted for quantum-related expenses in 2018, estimates suggest that as much as 20% may do so by 2023, with up to $850 billion in investments anticipated over the next 30 years. In 2022, $2.35 billion was invested in quantum technology start-ups, and the US, EU, and Canada collectively invested over $3.1 billion. The transformative potential of quantum computing is driving increasing global investment and interest.
https://www.finra.org/rules-guidance/key-topics/fintech/report/quantum-computing
QURECA Partners with Moody‘s to Develop "Quantum Computing for Quants" Training Course
Quantum technology education firm QURECA has formed a strategic partnership with Moody's Analytics to create a comprehensive training course titled "Quantum Computing for Quants". The collaboration aims to build a bridge between quantum computing and the financial sector. The course will equip finance professionals with the knowledge to understand and leverage quantum technology, a rapidly advancing field with significant potential for financial applications. This partnership represents a noteworthy step in the fusion of quantum computing and finance.
The Netherlands is Putting A Call Out For Quantum Investors
The Netherlands' strong quantum technology ecosystem is struggling to attract investors, according to the Dutch Financial Times. Invest-NL, the government’s investment fund, warns that the 18 Dutch quantum companies require between €1 billion and €2 billion to become profitable. Despite the Dutch government recognizing quantum technology as a strategic asset and injecting hundreds of millions into the sector, private investors have only contributed €10 to €15 million in startup capital. Invest-NL's fund manager, Gert-Jan Vaessen, highlights a "fundamental financing problem" and Willem Peutz, who conducted research for Invest-NL, notes the uncertainty of which quantum technologies will prevail as a complication for investors. The lack of private funding risks Dutch quantum companies failing, relocating abroad, or being outpaced by other countries.
https://thequantuminsider.com/2023/10/31/the-netherlands-is-putting-call-out-for-quantum-investors/
Multiverse Computing Wins Innovate UK Funding to Improve Flood Risk Assessment with Quantum Algorithms
Multiverse Computing, in partnership with Moody's Analytics and Oxford Quantum Circuits (OQC), has secured funding from Innovate UK to develop large-scale flood prediction models using quantum methods. The project, overseen by the UK Department of Environment, Food & Rural Affairs, aims to enhance flood risk assessment and management. The trio won a place in Phase 1 of the competitive UK government's Quantum Catalyst Fund for their project, "Quantum-Assisted Flood Modeling: Pioneering Large-Scale Analysis for Enhanced Risk Assessment." Multiverse Computing will serve as the lead contractor and software provider, while OQC will supply quantum hardware and Moody's will contribute industry expertise. This project marks the first application of quantum algorithms for flood damage assessment by Multiverse.
Two projects launched to connect error-corrected qubits
ETH Zurich is participating in two projects financed by the US research funding agency, IARPA, with up to $40 million. The projects, SuperMOOSE and MODULARIS, aim to connect two error-corrected quantum bits (qubits), thereby laying the groundwork for future quantum computers. SuperMOOSE is led by ETH Professor Andreas Wallraff and includes collaborators from MIT, Forschungszentrum Jülich, Université de Sherbrooke, Zurich Instruments, and Atlantic Quantum. MODULARIS is coordinated by the University of Innsbruck with participation from ETH Professor Jonathan Home's group. Wallraff stated, "If we manage to connect two error-corrected qubits with one another, we’ll have laid the groundwork for future quantum computers."
Rigetti Computing Awarded Innovate UK Grant to Enhance Quantum Machine Learning Methods for Anti-Money Laundering Detection
Rigetti UK Limited, a subsidiary of Rigetti Computing, has been awarded an Innovate UK grant for enhancing quantum machine learning methods in anti-money laundering detection. The project, which began on September 1, 2023, and will last 18 months, is a collaboration with HSBC, the Quantum Software Lab at the University of Edinburgh, and the National Quantum Computing Centre. The consortium aims to improve the performance of current machine learning algorithms to detect financial crime. Rigetti CEO, Dr. Subodh Kulkarni, sees this as a step towards achieving narrow quantum advantage.
Keeping secrets in a quantum world
In July 2022, Belgian mathematicians Thomas Decru and Wouter Castryck broke a quantum-resistant encryption scheme, SIKE, using a nine-year-old PC. SIKE, designed to protect data from quantum computers, was a finalist in the US National Institute of Standards and Technology's (NIST) Post-Quantum Cryptography standardization process. Quantum computers, using quantum bits (qubits) instead of digital bits, can perform calculations faster than classical computers. IBM plans to release a 1,121-qubit chip this year and a 4,000-qubit computer by 2025. However, Ronald Rivest, co-developer of the RSA encryption scheme, questions whether quantum computing will benefit cryptanalysis. Despite the absence of practical quantum computers, researchers stress the urgency of quantum-resistant cryptography to safeguard encrypted data from future quantum technology.
https://www.nature.com/articles/d41586-023-03336-4
China's Quantum Satellite Program Designed to Transmit Unhackable Information
China is pushing the boundaries of Quantum Key Distribution (QKD) communication with its Quantum Satellite Program, aiming to surpass its current 310-mile geostationary orbit limit to a 6,200 mile radius. The program's Micius satellite, launched in 2016, has already enabled two-way quantum information traffic between space and Earth. According to Wang Jianyu, dean of the Hangzhou Advanced Research Institute of the Chinese Academy of Sciences (CAS), the focus is on low-orbit quantum key satellite networking and medium- and high-orbit quantum science experiment platforms. However, challenges remain, including the survival of information-carrying qubits over greater distances and the need for improved micro-vibration suppression technology for high-orbit satellites. The quantum leap in communication technology could lead to unhackable communications streams, although they could still be disrupted by skilled adversaries.
Small Business : The Interior Journal
Montreal-based InfinityQ has developed the world's largest functioning Ising Machine capable of solving billion-parameter optimization problems with hundreds of thousands of variables in seconds. The quantum-inspired model of computation, developed by InfinityQ's research team, led by CTO Dr. Saavan Patel, uses proprietary algorithms and methods to deliver rapid solutions. The Ising Machine supports 112,000 nodes, translating into ~6.3 billion parameters. InfinityQ's Solver is ready for deployment in the cloud or on premises. The company, which focuses on Last Mile Delivery, Logistics, and Life Sciences, has recently recruited top talent from leading research groups and welcomed new advisory board members from UC Berkeley.
Nu Quantum secures £7m to build the networking infrastructure for quantum computers -
Cambridge-based Nu Quantum has raised £7m in a pre-series A round led by Amadeus Capital Partners, Expeditions Fund, and IQ Capital, with participation from new investors including Presidio Ventures, NSSIF, and Deeptech Labs. The funds will aid the company's mission to build scalable quantum networking infrastructure, a key component for the expansion of quantum computers. Nu Quantum's Quantum Networking Unit (QNU) is designed to efficiently scale Quantum Processing Units (QPUs), enabling the creation of larger and more powerful quantum computers. This funding follows a £2.1M seed round in 2020 and will foster partnerships and accelerate the development of deployable systems.
Quantum Computing to Grow by 48% Annually, but Commercial Hardware May Not Exist until after 2030, BCC Research Forecasts
Quantum computing is projected to grow at an annual rate of 48%, according to BCC Research. Tech giants IBM, Google, Microsoft, and Amazon are heavily invested in this field, with the financial sector already utilizing the technology. Notable startups include KETS, CryptoNext, and Quantum Numbers Corp, all offering unique quantum solutions. Major technology companies plan to use quantum computers to offer quantum computing as a service, allowing smaller businesses and individuals to 'rent' quantum computers. Despite this growth, commercial quantum hardware may not be readily available until after 2030. The report also highlights significant cybersecurity challenges and international disputes, particularly between the U.S and China, in the race for AI and quantum computing advancements.
https://finance.yahoo.com/news/quantum-computing-grow-48-annually-105800005.html
Paper: Copula-based risk aggregation with trapped ion quantum computers
A study by Daiwei Zhu, Weiwei Shen, Annarita Giani, Saikat Ray-Majumder, Bogdan Neculaes, and Sonika Johri has shown that copulas, mathematical tools for modeling joint probability distributions, can be expressed as maximally entangled quantum states. Using a Quantum Circuit Born Machine (QCBM) approach, the team successfully modeled 3- and 4-variable copulas on trapped ion quantum computers. However, as the models scaled up, training efficacy decreased due to increased complexity in parameter optimization. To overcome this, the team introduced an annealing-inspired strategy, significantly improving training results. In end-to-end tests, the quantum models made comparable or better predictions in risk aggregation tasks than standard classical models.
https://www.nature.com/articles/s41598-023-44151-1
The National Quantum Computing Centre Signs Agreement with IBM to Provide Quantum Computing Access to UK Academic, Research, and Public Sector Organizations
The National Quantum Computing Centre (NQCC) has signed an agreement with IBM, providing UK researchers, academics and public sector organizations cloud access to IBM Quantum’s Premium Plan. This will enable users to utilize IBM's quantum computing systems, which offer utility-scale processors with over 100 qubits, to explore complex problems beyond the capabilities of classical systems. The collaboration aligns with the UK's National Quantum Strategy and its £2.5 billion investment commitment. Dr. Michael Cuthbert, NQCC Director, emphasized the potential for this agreement to open up new research avenues and boost the development of novel technologies.
New technologies on show at Quantum Showcase as Science Minister drives forward UK’s £2.5 billion Quantum Strategy
The UK Science Minister George Freeman has announced over £14 million in funding to boost the UK's quantum sector. The announcement was made at the UK National Quantum Technologies Showcase, an event organised by the National Quantum Technologies Programme. The National Quantum Strategy, published in March 2023, commits a further £2.5 billion to developing quantum technologies over the next decade, aiming to generate at least £1 billion of private investment. The funding includes over £10 million for six projects to advance quantum network technologies and over £4 million to strengthen Canada-UK partnerships for quantum technology development. The UK also signed new science and innovation agreements with Australia and the Netherlands to deepen collaboration on quantum research and development.
Next steps in preparing for post-quantum cryptography
The National Cyber Security Centre (NCSC) is actively preparing for the transition to post-quantum cryptography, acknowledging the potential threat quantum computing poses to current cryptographic systems. The NCSC is taking a proactive approach, encouraging businesses to start preparing for this shift now. While the timeframe for quantum computing to break current encryption is uncertain, the NCSC stresses the importance of readiness. The Centre's forward-thinking approach underscores the significant impact quantum computing will have on cybersecurity.
https://www.ncsc.gov.uk/whitepaper/next-steps-preparing-for-post-quantum-cryptography
Quantum Computing and the Implications for the Financial Securities Industries
Financial institutions are investigating quantum computing's potential to revolutionize computations, with investments of up to $850 billion expected over the next 30 years. Public sector investment in quantum computing has also surged, with over $3.1 billion invested by the U.S., European Union, and Canada. The Financial Industry Regulatory Authority (FINRA) has launched research into the opportunities and risks of quantum computing. Quantum computing offers potential benefits in trade execution, portfolio management, risk assessments, and fraud detection in the securities industry.
Quantum networking: A roadmap to a quantum internet
Microsoft's Senior Principal Quantum Architect, Brad Lackey, outlines a roadmap for the development of quantum networking, which will not replace classical networking but extend it to enable the exchange of quantum information. The roadmap involves three stages: establishing entanglement between two separate quantum devices; enabling a quantum device to manage connections with multiple sites; and enabling reliable long-distance quantum communication through a complex network. Microsoft believes the scaling of large networks necessitates building upon current technology and using photons at telecom wavelengths. The quantum internet, in this context, refers to a large system of distributed quantum computers interconnected with quantum links.
Science Committee Leaders Introduce Bill to Advance and Secure Quantum Leadership
Chairman Frank Lucas and Ranking Member Zoe Lofgren of the House Science, Space, and Technology Committee introduced the National Quantum Initiative Reauthorization Act (H.R. 6213) to bolster quantum science and technology in the US and maintain global leadership. The Act aims to strengthen the quantum ecosystem, ensuring economic competitiveness and national security against nations like China and Russia. It builds on the National Quantum Initiative Act of 2018, promoting quantum breakthroughs and applications. The Act requires the White House Office of Science and Technology Policy to develop a cooperative quantum research strategy with US allies, authorizes the creation of new quantum testbeds, and promotes the commercialization of quantum computing.