When the time comes — and it’s not very far into the future — for quantum computers to actually be useful at something, the first area where we will see their proven efficacy is probably going to be in the financial, insurance and energy sectors. Though it’s not a given, the chances are relatively high. This is all because quantum algorithms, advancing at such as pace currently, can solve optimization and combinatorial problems far quicker than classical computers.
Engaged in this lofty goal are dozens of quantum startups in an ecosystem that is growing exponentially year on year.
JoS Quantum — just one of them but no less important — is a startup set up to discover solutions for today’s technological problems and to get clients ready for the impending quantum era. Founded in Frankfurt am Main, Germany, in 2018 by Markus Braun and Niklas Hegemann, both act as the startup’s co-managing directors.
JoS Quantum’s key service is in research as a service (RaaS). The company offers this in four ways:
— Learn about quantum computing
— Identify use cases in your company
— Evaluate use cases for quantum upgrades
— Prototypes & proof-of-concepts
At the same time, JoS Quantum is running four projects, namely EnerQuant, DZ BANK AG TrendLab, Asset Allocation, and the rather long-winded A Quantum Algorithm for the Sensitivity Analysis of Business Risks.
Each of them focuses on one or two particular pain points that potential clients commonly face by using the underlying principles of quantum mechanics to solve them. These range from models in energy markets that consist of complex optimization problems including stochastic components (EnerQuant) to showing how to allocate a long-short portfolio that minimizes overall risk based on covariance of assets (Asset Allocation).
JoS Quantum needs no more validation for its IP than with the words from Dr. Jörg Wenzel, Head of Department at the Fraunhofer Institute for Industrial Mathematics:
“JoS QUANTUM develops cutting-edge quantum computing algorithms for quantitative finance, insurance and energy to accelerate models and enable new ways of data analytics.”
Wenzel’s testimonial aside, the startup looks like is heading in the right direction thanks to its leadership.
Markus Braun received an MSc in physics from the Otto-von-Guericke University Magdeburg. Prior to co-founding JoS Quantum, Braun had stints as an intern, an undergraduate researcher and a consultant.
His co-founder, Niklas Hegemann, has experience as a management consultant in various business and technical areas, though with a focus on software integration and financial services. He gained his degree in physics from the University of Hamburg.
With an outstanding team supporting them with Ph.D. and postdoctoral research experience in theoretical physics and quantum algorithms, JoS Quantum has all the necessary tools to service the finance, insurance and energy industries utilizing the power of QC.