Cookie Consent by Free Privacy Policy Generator
Search
Close this search box.
Search
Close this search box.

Quantum Computing Inc. Signs Letter of Intent to Acquire Privately Held Artificial Intelligence Platform millionways

QCI millionways

Insider Brief

  • Quantum Computing Inc.’s board of directors approved a letter-of-intent to by millionways, an AI firm.
  • millionways develops AI algorithms to effectively provide next-gen feedback to users on their emotional state and personality insights.
  • Critical Quote: “The strategic integration with QCI’s Reservoir Computing systems will “supercharge” millionways’ algorithms to ingest audio files, adding a significant new capability to overlay context and tonal information to the existing natural language processing to text conversion data used by the system today.” Robert Liscouski, QCI’s CEO and co-founder

PRESS RELEASE — Quantum Computing Inc. (“QCI” or the “Company”) (NASDAQ: QUBT), the first-to-market full-stack photonic-based quantum computing and solutions company, today announced that its Board of Directors has unanimously approved the signing of a non-binding Letter of Intent (LOI) to acquire up to 100% of the AI firm, millionways, creator of the world’s first emotionally-intelligent AI platform, pending the completion of due diligence by independent third party valuation and fairness opinion firms. The LOI follows the teaming and combining of millionways’ AI sensing algorithms with QCI’s quantum photonics computing power, including substantive progress made since the Company’s initial testing engagement announced in April 2023.

Based in New York City, millionways is a leader in the development of AI algorithms used to effectively provide next-gen feedback to users on their emotional state and personality insights. Millionways’ advanced emotionally-intelligent AI platform uniquely combines analysis and matchmaking algorithms based upon various forms of user-generated text or audio-to-text data with at least 500 words.  The technology offers quick-turnaround analysis.  Unlike other machine learning platforms such as ChatGPT, Alexa, or Siri, the millionways proprietary methodology and algorithms make behavorial predictions based on psychological patterns driven by underlying emotions. The methodology, known as Personality Systems Interactive (PSI) theory, is a recognized and validated model for studying the dynamics of personality development and emotional state. The millionways AI model delivers human behavior personality assessments that have clear applications in making the most informed decisions in healthcare, hiring, dating, customer relations, and general applications where social interactions drive behavorial outcomes.

Over the past year, QCI has built and tested multiple hybrid AI hardware systems using photonics and quantum mechanics to boost machine learning efficiency, reduce the power consumption, and significantly speed up the training. Those systems have demonstrated substantial advantages over existing digital electronic hardware for many AI applications. Upon those successes, the QCI near-term strategy includes (1) offering laptop/desktop-size devices for sale, (2) seeking industry partnerships to explore various applications in different application domains, and (3) partnering with millionways to demonstrate/highlight the Company’s commitment to AI and accelerate its entrance into the industry.

Robert Liscouski, QCI’s CEO and co-founder commented that, “The strategic integration with QCI’s Reservoir Computing systems will “supercharge” millionways’ algorithms to ingest audio files, adding a significant new capability to overlay context and tonal information to the existing natural language processing to text conversion data used by the system today. Emotionally-intelligent AI can be continuously fed with voice entries and ultimately live video to recognize patterns and unconscious moods directly within speech and body, thus returning a more accurate and comprehensive personality analysis of a user.”

Mr. Liscouski continued, “The rise of AI applications relies on the fast expansion of computing power and lowering its voracious need for electricity. QCI’s hybrid hardware solutions meet the evolving needs of AI and delivers remarkable computing speed, low electric power needs with minimal heat dispersion and supports large-scale parallel processing and thereby the agility to compete with large data centers on big data challenges. This particular partnership will enable the development of new personality algorithms that can be trained and adapted much faster, more accurately and at lower cost.”

Mr. Liscouski noted, “It is our long term stated mission to democratize quantum technologies and bring this power to AI companies, affording them the ability to compete at levels that heretofore have only been open to large and well-funded companies.  Importantly, we recognize that the field of AI is quickly evolving and has come under significant scrutiny.  QCI and millionways are aligned to demonstrate that the combination of our technologies will be able to ensure the integrity of the output of AI systems and determine if text, speech or video is fake or real.”

According to the terms of the LOI, QCI will provide a series of three bridge loans to millionways starting at $125,000 and potentially aggregating up to $2,000,000, at QCI’s discretion. Upon the completion of the first bridge loan, QCI will have the right of first refusal (“RoFR”) to purchase millionways for a one-year period. Upon completion of the final bridge loan, QCI’s RoFR will include a predetermined maximum valuation.  The bridge loans would carry an interest rate of 10% per annum, a term of 12 months and will be pari passu to all other existing debt of millionways, excluding any payables to the key internal stakeholders.  In the event QCI enters into the proposed three bridge loans and decides not to proceed with an acquisition of millionways, the bridge loans would become senior to all existing debt with the exception of short-term bank lines and similar short-term obligations. Furthermore, QCI has the option to convert the bridge loans at any time into SAFE notes, which would not carry an interest rate, but would be convertible into shares of millionways common stock at the lowest discount provided to other investors.

Martin Cordsmeier, CEO of millionways stated, “The market for a low-cost ability to objectively analyze individual personalities en mass is an extremely large and lucrative market. In the quantum space, QCI has established itself as a leader in hardware innovation and commercialization.  Like QCI, millionways has already begun commercialization. As of last summer, we have conducted preliminary integration of use cases with over 50 major US companies.  Also, like QCI, we have a core technology that can be easily and affordably flexed to solve major business challenges in any industry, which makes the idea of combining our two teams even more attractive.  Within the first few days of our launching our testing engagement in April, it became apparent that using QCI’s unique hybrid systems of quantum, photonics, and electronics would allow our AI developers the ability to extend our already vast capabilities using the massive increase in processing power with amazingly low electricity costs.  Even more impressive, given the predictive and virtually simultaneous processing capability of QCI in all matters of rich media, future applications of our combined technology could be endless.”

The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Jake Vikoren

Jake Vikoren

Company Speaker

Deep Prasad

Deep Prasad

Company Speaker

Araceli Venegas

Araceli Venegas

Company Speaker

Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

Share this article:

Relevant

The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Jake Vikoren

Jake Vikoren

Company Speaker

Deep Prasad

Deep Prasad

Company Speaker

Araceli Venegas

Araceli Venegas

Company Speaker

Keep track of everything going on in the Quantum Technology Market.

In one place.

Related Articles

Explore our intelligence solutions

Join Our Newsletter