LEESBURG, Va., May 22, 2023 /PRNewswire/ -- 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."
For additional information on the companies' solutions, please visit: Quantum Computing Inc. (QCI) and millionways.
millionways created the world's first emotionally-intelligent A.I. assessment tools, providing next-gen personality insights. Founded in New York, NY in 2021, millionways' disruptive technology is based on first time-digitalized PSI theory, natural language processing, meets several "zeitgeist topics" and can be utilized for B2B and B2C, which makes it a potential - currently untouched - billion dollar market opportunity. millionways was developed, and is continually evolving, through its team of renowned scientists, developers, psychologists, philosophers, deep thinkers, and people who use it. For more information, visit https://millionways.me
About Quantum Computing Inc. (QCI)
Quantum Computing Inc. is a full-stack quantum hardware and software company on a mission to accelerate the value of quantum computing for real-world business solutions, delivering the future of quantum computing, today. The company delivers accessible and affordable full-stack solutions with real-world industrial applications, using photonic-based quantum entropy, which can be used anywhere and with little to no training, operates at normal room temperatures and low power. QCI is competitively advantaged delivering its quantum solutions at greater speed, accuracy, and security at less cost QCI's core entropy computing capability, the Dirac series, delivers solutions for both binary and integer-based optimization problems using over 11,000 qubits for binary problems and over 1000 (n=64) qudits for integer-based problems, each of which are the highest number of variables and problem size available in quantum computing today. Using the Company's core quantum methodologies, QCI has also developed specific quantum applications for AI, cybersecurity and remote sensing, including its Reservoir Quantum Computing, reprogrammable and non-repeatable Quantum Random Number Generator and LiDAR products. For more information about QCI, visit www.quantumcomputinginc.com.
About QI Solutions, Inc. (QIS)
QI Solutions, Inc., a wholly owned subsidiary of Quantum Computing Inc., is a supplier of quantum technology solutions and services to the government and defense industries. With a team of qualified and cleared staff, QIS delivers a range of solutions from entropy quantum computing to quantum communications and sensing, backed by expertise in logistics, manufacturing, R&D and training. The company is exclusively focused on delivering tailored solutions for partners in various government departments and agencies.
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This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the "Company"), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events, and as such all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," "aim to," or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in the Company's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC.
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