Chevron Technology Ventures has participated in a $100m (78.59m) Series B funding round for Oxford Quantum Circuits (OQC), a UK-based company specialising in quantum computing-as-a-service (QCaaS).

Japans SBI Investment is spearheading OQCs funding round, with existing investors such as Oxford Science Enterprises, the University of Tokyo Edge Capital Partners, Lansdowne Partners and OTIF, managed by Oxford Investment Consultants, also contributing.

OQC said its technology can offer opportunities for the energy sector such as catalyst development and the optimisation of transportation and distribution networks.

Quantum computing is expected to revolutionise the energy industry by accelerating the discovery and development of new materials and the simulation of complex molecules for lower-carbon products.

For decades, the oil and gas industry has relied on traditional computing for mathematical challenges, particularly benefitting the upstream sector with supercomputers processing seismic data to locate viable hydrocarbon reserves.

Despite advancements in classical supercomputers, they sometimes struggle with multi-variable calculations, a limitation that quantum computing could potentially overcome, according to GlobalData.

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Chevron vice-president of innovation and president of technology ventures Jim Gable said: OQCs development of the quantum computer has the potential to change the information processing landscape by merging the bounds of engineering and physics.

This is the latest investment from our Core Energy Fund, which focuses on high-tech, high-growth start-ups and breakthrough technologies that could improve Chevrons core oil and gas business performance as well as create new opportunities for growth.

OQC CEO Ilana Wisby said: Chevrons investment marks a significant milestone in harnessing quantum computing for the energy sector. We are excited to drive innovation and efficiency in exploration and renewables and pioneer enterprise-ready quantum in the energy sector.

Chevrons investment aligns with industry peers such BP and ExxonMobil, which are part of IBMs Q Network, and other companies such as TotalEnergies and Shell that are exploring quantum computing for molecular modelling and emission mitigation.

In a similar development, French quantum computing provider Pasqal secured $108m (99.19m) in Series B funding in January 2023, with Waed Ventures, the venture capital arm of Saudi Aramco, among the investors.

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Chevron invests in OQC to advance quantum computing for energy sector - Offshore Technology

Insider Brief

PRESS RELEASE SCALINQ, a rapidly growing provider of quantum computing hardware, proudly announces the release of LINQER600: a large-scale packaging solution capable of controlling quantum devices with hundreds of qubits.

This solution is the biggest commercially available of its kind and marks a paradigm shift in the field. Systems of this scale have previously only existed behind the closed doors of major computing companies. With this launch, all universities and companies alike, can now easily get one step closer to building large-scale quantum computing systems.

Developed in collaboration with the esteemed partner IQM, the LINQER600 has undergone extensive testing to demonstrate its unrivaled functionality with Radiance, a 150-qubit chip. The results of this will be released at a later time. This successful project included both packaging and high-density filters, underscoring SCALINQs commitment to driving collaborative innovation and solving the hardware bottlenecks for scaling up quantum computing. This showcases the fast developments of the industry and opens up new applications for this novel technology already today.

This is one of the many exciting projects that I am particularly proud of finally sharing with the community. It truly underscores our engineers and researchers restless efforts and endless creativity to drive collaborative innovation and solve the hardware bottlenecks for scaling up quantum computing. It also showcases the industrys rapid development and ever-growing needs for collaborative R&D. Zaid Saeed, CEO, SCALINQ.

The LINQER product series, first launched in 2022, has helped researchers around the globe with their experiments. The key features include:

A scalable design: Offered in several variants ranging from 8 to 600 lines State-of-the-art performance: Proven with different qubit chips, measuring T1>100us and single qubit gate fidelity >99.9% Quick sample exchange: The patented connector module allows you to exchange samples in a matter of minutes, regardless of the number of connectors. Host multiple chips at once: With its modular approach, you can tailor-make PCBs to fit your needs of hosting one or several chips in one holder, and of different sizes. Fully non-magnetic: Carefully designed and rigorously tested in quality assurance processes

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SCALINQ Launches Large-Scale Packaging Solution That Can Control Quantum Devices With Hundreds of Qubits - The Quantum Insider

Obviously, this is a small list that definitely misses out on a bunch of great American cities and regions that could be Americas next great quantum ecosystem. There are considerable limitations when creating a list like this. For example, great research does not necessarily lead to great startups. Translational science and interdisciplinary science, both of which are necessary to build quantum companies, are often a part of the culture of some research communities and not included in others. Its also difficult to assess entrepreneurial population which I measured by the presence of incubators, for example as well as a term, such as pro-innovation, which tries to capture the ethos of a government, but, doubtlessly does not take into account real concerns, such as tax structure and efficiency in applying those taxes to build ecosystems of innovation, for example.

Because quantum is such a nascent, emerging industry, many startups are still just forming and flying under the radar, while others may intentionally be in stealth.

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Tomorrow's Quantum Hotbeds? 7 U.S. Cities That Could Incubate The Next Great Quantum Technology Ecosystem - The Quantum Insider

Insider Brief

PRESS RELEASE QuantrolOx (Espoo, Finland) and Zurich Instruments (Zurich, Switzerland) are pleased to officially announce their partnership. As of March 2024, the Zurich Instruments Quantum Computing Control System (QCCS) is integrated into the QuantrolOxs Quantum EDGE, the leading automation tool for bringing-up, characterizing, tuning and controlling different qubit systems. The QCCS seamlessly unites RF Signal Generators (SG), Quantum Analyzers (QA) and Qubit Controllers (QC), and offers advanced features such as over 1GHz instantaneous bandwidth for streamlined parallel qubit tune-up. The integration of QCCS into the Quantum EDGE empowers users to obtain outstanding results, reduces complexity, and enhances performance of quantum computing experiments.

Quantum EDGEs users can now also harness the power of the recently developed SHF+ product line: SHFSG+, SHFQA+, and SHFQC+. The SHF+ product line features technical specifications enablinghigh-fidelity gate operations: exceptional signal-to-noise ratio with a high output power, outstanding spectral purity without the need for mixer calibration, and fast output muting functionality for further reducing noise between pulses.

The integration of the QCCS with Quantum Edge has been facilitated by Zurich Instruments LabOneQ open-source software framework. The close technical collaboration started last year.

Expressing enthusiasm for the collaboration, Vishal Chatrath, CEO and co-founder at QuantrolOx, remarks, Working with Zurich Instruments matched the perception of Swiss reliability and quality: The elegance of their software framework and the unwavering support from their qualified team have greatly accelerated our progress. Zurich Instruments customers can now benefit from our automation capabilities for bring-up, characterization and testing. In many cases, our software speeds up these steps by a factor of over 100x, thereby accelerating the path to quantum advantage.

Moritz Kirste, Head of Business Development for Quantum Technologies at Zurich Instruments, affirms, The collaboration with QuantrolOx has been exceptionally rewarding. Their development of a user-friendly interface for controlling and reading out various qubit types paves the way for rapid scalability of quantum computing capabilities. We are proud to contribute to this shared endeavor.

Looking ahead, the collaborations roadmap underscores a concerted effort to enhance QuantrolOxs Quantum EDGE qubit automation software with Zurich Instruments QCCS capabilities, with a focus on advancing multi-qubit gate operations and refining readout.

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QuantrolOx And Zurich Instruments Unite For Quantum Advantage - The Quantum Insider

Insider Brief

During a day that brought together the quantum ecosystem at the French National Library, Sbastien Lecornu, Minister of the Armed Forces, represented by the General Delegate for Armament, Sylvie Retailleau, Minister of Higher Education and Research, Franck Riester, Minister in charge of Foreign Trade, Attractiveness, Francophonie and French Nationals Abroad, and Marina Ferrari, Secretary of State for Digital Affairs with Bruno Bonnell, General Secretary for Investment, presented on Wednesday, March 6, 2024, the concrete results of the national quantum strategy, three years after its launch by President Emmanuel Macron. On this occasion, the launch of the PROQCIMA program was announced. PROQCIMA aims to have two prototypes of universal quantum computers of French design by 2030.

Considering the stakes of economic growth and sovereignty, and following the lead of major world powers like the United States, China, the United Kingdom, or Germany, the President launched, in January 2021, an ambitious national strategy on quantum technologies in France, endowed with cumulative state funding, including France 2030, of about 1 billion over four years, for a total public-private commitment of 1.8 billion.

This strategy is structured around 6 strategic objectives:

The ongoing second quantum revolution since the late 20th century will multiply our computing capacities by making calculations that are currently impossible accessible, allow us to perceive our environment with unprecedented precision, and explore new ways of transmitting information. Moreover, these technologies promise to enable precise navigation in locations where the GPS network is not accessible and make MRI machines portable. They will also drastically accelerate medical research and the discovery of new materials with exceptional properties.

Making France a Leader in Quantum Technologies

According to government estimates, quantum startups have raised over 350 million to date, making France the leading European country and the third worldwide behind the United States and Canada in terms of fundraising, and second with Canada in terms of valuation.

French startups are also in second place with Canada in terms of talent attractiveness and are responsible for about 20% of the machines sold or ordered at this stage worldwide, making France one of the leading manufacturers and exporters.

Quantum strategy in numbers:

Launching the PROQCIMA Program

The Government is launching the PROQCIMA program, inspired by the ULTRA program (launched by the British during World War II) in the era of quantum computing. The goal of this program is to have at least two prototypes of universal quantum computers with 128 logical qubits by 2030, extending to 2048 logical qubits by 2035.

France is one of the few countries worldwide with a solid foundation in upstream research and technology, as well as the industrial capability to seriously explore the feasibility of a Fault Tolerant Quantum Computer (FTQC).

The development program in France for a universal quantum computer faces two major challenges due to the high uncertainties in scientific, technological, and industrial aspects:

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France 2030: Progress Update Three Years After the Launch of the National Quantum Technologies Strategy and the ... - The Quantum Insider

A team at the Industrial Technology Research Institute (ITRI) has found a way to use a microwave integrated circuit (IC) and Taiwan Semiconductor Manufacturing Cos (TSMC) 28-nanometer technology to develop a low-temperature-control IC module, which can potentially reduce the size of a quantum computer by 40 percent, the institute said on Wednesday.

The National Science and Technology Council announced some of the progress it has made with Academia Sinica and the Ministry of Economic Affairs since 2021 in jointly developing quantum technologies.

The more quantum bits (qubits) a quantum computer possesses, the more information it can carry and the better it can work.

Sheu Shyh-shyuan (), a division director at the ITRIs Institute of Electro-Optics and the head of a project on the key hardware of quantum computer subsystems, said that a quantum computer is equipped with a fridge, other devices and a crowd of cables for connections, which in combination can easily take up a whole room.

One qubit requires two to three cables, so if a 100-million-qubit system is to be realized, that would mean 300 million cables, with the size of the control device and the system for cooling scaled up accordingly.

As a result, power consumption would surge considerably, Hsu said.

It is for this reason that minimization is a trend in quantum computing, he said.

He said that his team utilized microwave IC design and TSMCs 28-nanometer process technology, which are national strengths, to develop low-temperature (minus-269C) control chips and modules to make control devices smaller and place them in a low-temperature fridge.

The design could reduce the size of the system by about 40 percent, highlighting the potential for it to be commercialized, Hsu said.

The minimization of the module can also shorten the route needed for quantum signal transmission and reduce the interruption of noise, Hsu added.

The module also cuts power consumption by more than 50 percent compared with results published by major international developers, making it an advantage for developing multiple-qubit superconducting quantum computers, he said.

The technology could be transferred to domestic companies, Hsu said, adding that some have already made inquiries about possible cooperation.

Executives from Finland-based quantum computer company IQM visited Taiwan last year to discuss possible cooperation, Minister of Science and Technology Wu Tsung-tsong () said, adding that Taiwan, despite competing globally with limited funds, has achieved substantive results in quantum technology and is likely to become one of the nations with most potential to excel at it.

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New tech could reduce the size of quantum computers -

NEW YORK, March 5, 2024 /PRNewswire/ -- According to Technavio, the global quantum computing market size is estimated to grow by USD 9.01 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 18.84% during the forecast period. Moreover, the growth momentum will accelerate.The growing use of quantum cryptography is driving market growth.With the use of quantum cryptography, critical data can be transmitted with a high level of security.Quantum computers have high processing speeds and efficiently process vast amounts of encrypted data.Governments of many countries have invested large amounts in the development of highly secure quantum computers. These factors will fuel the growth of the market during the forecast period.The report includes historic market data from 2017 to 2021. In 2017, the quantum computing market was valued at USD 3,001.05 million. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market.

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Report Coverage

Details

Page number

143

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 18.84%

Market growth 2023-2027

USD 9,013.68 million

Market structure

Fragmented

YoY growth2022-2023(%)

18.6

Regional analysis

North America, APAC, Europe, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, China, Japan, India, and Germany

Geographical Analysis

Based on geography, the global quantum computing market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global quantum computing market. North America is estimated to account for 38% of the growth of the global market during the forecast period. The growth of this segment is primarily driven by factors such as the presence of numerous customers based in the US. US-based firms have access to quantum computers on immediate release. They also have high economies of scale and have the finances and resources to adopt these technologies. These factors will drive the growth of the market in the region during the forecast period.

Segment overview Technavio has segmented the market based on deployment (cloud and on-premise) and end-user (aerospace and defense, government, IT and telecom, and others).

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The growth of AI and machine learning is a key trend in the market.

AI and machine learning are expected to be some of the biggest applications of quantum computers. Quantum computing processor chips will be used in AI applications to compute data at high speeds efficiently. The use of AI will help solve issues related to optimization and sampling.These factors will support the growth of the market during the forecast period.

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Analyst Review

Quantum computing represents a paradigm shift in computational power, promising unprecedented capabilities in various industries, including banking and finance services. Its potential to revolutionize portfolio management and financial risk analysis is attracting significant attention from both established institutions and emerging quantum technology start-ups.

One of the most significant challenges is stability and error correction. Researchers at the Quantum Artificial Intelligence Laboratory (QuAIL) are tirelessly working on addressing stability and error correction issues to make quantum computers more reliable. The manipulation of physical qubits and the development of logical qubits are pivotal in this pursuit, leveraging principles of quantum mechanics.

The Department of Defense recognizes the transformative potential in areas such as cybersecurity solutions and fraudulent activities detection. As such, it's actively involved in quantum technology monitor research and investments to maintain a strategic advantage.

In the biopharmaceuticals sector, it holds promise for accelerating drug discovery processes. By harnessing its immense computational power, researchers can simulate molecular interactions more accurately, potentially leading to breakthroughs in medicine.

However, the market isn't devoid of challenges. Talent shortage is a pressing issue, with demand for skilled professionals in quantum mechanics and artificial intelligence (AI) outpacing supply. Governments are thus increasing investments in quantum technology education to bridge this gap.

Furthermore, patent filings related to quantum technology are on the rise, reflecting the fierce competition in this space. Companies are eager to protect their innovations, especially in areas like teleportation and blockchain technology integration with quantum computing.

Despite these challenges, the quantum computing market is witnessing remarkable growth, driven by a convergence of factors such as technological advancements, increased funding, and a growing ecosystem of quantum technology start-ups. As the industry continues to evolve, it promises to reshape the landscape of computing and unlock unprecedented possibilities across various sectors.

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Related Reports:

The edge computing market is estimated to grow at a CAGR of 24.74% between 2022 and 2027. The size of the market is forecasted to increase by USD 9,928.42 million.

The mobile edge computing market size is expected to rise by USD 1.60 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 30.21%.

TOC

About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [emailprotected] Website: http://www.technavio.com/

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Quantum Computing Market Size to Grow by USD 9.01 Billion, The growing use of quantum cryptography to drive the ... - PR Newswire

Zero Point Cryogenics (ZPC) has secured funding from the Government of Canada through the Innovation for Defence Excellence and Security (IDEaS) program, in collaboration with the University of Waterloo. This initiative, aimed at advancing quantum technology research for defence and security applications, highlights Canadas commitment to technological innovation. ZPCs involvement in the Microwave Quantum Radar project, alongside partners like Qubic Technologies and Carleton University, underscores the companys dedication to pioneering quantum solutions. The project will be supported by a $3 million contribution agreement from the IDEaS program. Zero Point Cryogenics is an Edmonton, Canada based company that supplies dilution refrigerators. Qubic Technology located in Sherbrooke, Canada is developing a new quantum technology of microwave transmitters and receivers for telecommunications and remote sensing applications. For further details, refer to the original press release provided by Zero Point Cryogenics here.

March 7, 2024

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Zero Point Cryogenics, Qubic Technology, and Team Win $3 Million Award for Quantum Sensing - Quantum Computing Report

Google Quantum AI along with additional support from the Geneva Science Diplomacy Anticipator (GESDA) Foundation is sponsoring a 3 year, $5 million prize competition to encourage development of novel algorithms, new applications, or ways of implementing enhanced performance of quantum solutions that can help solve real-world challenges. The contest will be administered by the XPRIZE Foundation, a non-profit set up in 1994 to host public competitions intended to encourage technical breakthroughs. As stated in the contest guidelines:

To win the prize, teams must develop a new (or meaningfully improved) application of quantum computers that addresses a computationally complex problem and demonstrate the viability of the proposed quantum algorithm for this task, establishing a clear practical quantum advantage over classical methods with a compelling case for positive societal impact.

Key criteria the judges will use for awarding the prizes are the following:

The contest is open to any individual or entity, unless prohibited by U.S. law and will occur in two phases over a three year period. Phase I which will last for 24 months from March 2024 to February 2026 will be for teams to submit a paper describing the beneficial application they intend to solve and what is the quantum advantage and novelty of their approach. At the end of this phase, the judges will select up to 20 teams that will split a $1 million prize purse and advance to Phase 2.

Phase II will occur in the third year of the contest from March 2026 to January 2027. This phase will require the teams to compile their solutions against realistic estimates of quantum hardware capabilities and perform resource estimates of what is needed to provide meaningful quantum advantage. They will also need to benchmark their quantum solutions with the best known classical solutions to show how their quantum solution is superior. The teams solutions will be judged according to the criteria listed above and a Grand Prize of $3 million will be awarded to a single or perhaps multiple Grand Prize winners. If there are multiple Grand Prize winners, the $3 million will be split amongst them. A final $1 million award will be split amongst a few runners-up. The number of runners-up will be determined by the judges.

Registration to participate in Phase I has already started and will last through June 2024. Additional details about this contest can be viewed on a web page posted on the XPRIZE site here, a preliminary competition guidelines document here, and a list of FAQs here.

March 5, 2024

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$5 Million XPrize Competition Announced to Develop Real World Applications Quantum Applications - Quantum Computing Report

Insider Brief

PRESS RELEASE The high-tech company Q.ANT and Fraunhofer IPA signed an agreement to establish the Competence Centre Human-Machine-Interface. The aim of the cooperation is to detect the finest nerve signals from muscle activity and interpret the resulting information in order to control machines and devices. This could make it possible to intuitively control hand prostheses in the future.

Q.ANT plays a leading role in the field of magnetic field sensors based on quantum technology. The sensor from Q.ANT enables the fine sensitivities that we need for reading biosignals, says Urs Schneider, Head of Biomechatronics Research at Fraunhofer IPA. The competence centre is based in Stuttgart and brings together around 15 experts from research and industry.

We want to control prosthetic hands, just like healthy limbs, using neural impulses. Fraunhofer IPA brings proven expertise in this field of biomechatronics to our strategic partnership. This can be used to develop completely new applications in medical technology. We are therefore among the pioneers in this promising field of application for quantum sensor technology and are redefining the human-machine-interface, says Michael Frtsch, CEO of Q.ANT, which specialises in photonic quantum technologies for sensing and computing.

Both cooperation partners bring many years of experience to the collaboration: Q.ANT has been developing a magnetic field sensor based on quantum technology for five years. It is characterised by its combination of sensitivity, size, and operation at room temperature. Fraunhofer IPA can draw on more than 15 years of expertise in biomechatronics and biosignal processing. The IPA specialists will characterise biosignals in order to program the corresponding algorithms that convert the sensor data into control commands for the prosthesis. The Fraunhofer Institute will also carry out the corresponding series of tests with patients, the results of which will be incorporated into the development of the prosthesis prototypes.

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Q.ANT and Fraunhofer IPA Establish Competence Centre for Prosthetics With Quantum Technology - The Quantum Insider