Finnish startup QMill has aimed to achieve quantum advantage for the first time in the history of its development. QMill has received recent funding of €4 million to use near-term quantum hardware and provide tangible value across multiple sectors. With a strong team of professionals, raising adequate funding to support the growth and development of the startup and the vision, and focus have been clearly defined to effectively deliver their respective impact for the various industries.
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Aim of QMill
Quantum advantage is the state at which a quantum computer can perform a task more rapidly or with higher efficiency than classical supercomputers. This accomplishment marks a giant leap in computing, which Ligthalli et al., (2018) claim will enable the execution of new tasks across various fields incomparably. However, quantum computers are still in what is known as the Noisy-Intermediate Scale Quantum (NISQ) period where machines are known to be noisy and have quite a high probability of errors when increasing the size of the qubits.
QMill founded by Hannu Kauppinen and Mikko Möttönen sought to fill this gap. Kauppinen, who worked as the CTO of Nokia Technologies, and Möttönen, who has more than 16 years of experience in teaching and conducting research in quantum computing, will contribute their experience to the project. With the knowledge and skills these two possess, QMill is set to conquer the difficulties with the NISQ and redefine what can be accomplished with quantum computing.
Funding Details
The recent €4 million seed funding round with Maki.vc and supported by Antler and Kvanted, the latest funding illustrates investors’ confidence in QMill’s vision. The funds will indeed be applied to create highly efficient resource quantum algorithms that will be suited for execution in present-day quantum computers. These algorithms can help to solve optimization problems for manufacturing, operations management, finance, telecom, real estate, energy, and logistics industries.
QMill aims at capitalizing on the present quantum hardware without relying on future technology AccessToken development over the next decade. This approach involves designing algorithms that can run effectively on the current NISQ, which likely takes up to 300 physical qubits to solve difficult optimization problems.
Applications of QMill Algorithms
QMill’s algorithms can solve some of the toughest optimization issues that businesses and industries may encounter. For instance, in the finance industry, quantum algorithms can guide trading techniques and risk assessment. In telecommunication, they can be used to improve network and data transmission and routing processes.
Grid management and resource allocation in the energy sector can be done better, whereas supply chain logistics can work on the efficiency of the routing paths and inventory management. The potential uses of quantum computing are not limited to these industries. QMill’s algorithm could also prove to be useful as an effective method of incorporating subroutines in other sectors such as in the production of materials in the future and hence the potential for partnership.
Espoo, a Quantum Hub
Currently, one of the most popular cities for quantum computing start-ups is Espoo, which is located near Helsinki. QMill’s operation in Espoo is also aimed at turning the region into a hub for quantum innovation. The company has stated that the seed funding would be utilized to broaden the range of services in the future attract outstanding professionals for the team and improve its algorithms.
Conclusion
QMill aims at being the first to offer quantum advantage in the field of quantum computing, which is a major achievement. As QMill is advancing to enhance its algorithms and adapt near-term quantum hardware, the tech community waited for the revolutionary advancements that could reshape the innovation of computation.
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