PALO ALTO, Calif. & COLLEGE PARK, Md.--(BUSINESS WIRE)--Goldman Sachs, QC Ware and IonQ, Inc. (“IonQ”) today announced a significant step forward in the real-world application of quantum computing for the financial services industry. Specifically, a new research paper shows how IonQ’s quantum computers are now powerful enough to demonstrate a state-of-the-art quantum algorithm from Goldman Sachs and QC Ware that could one day speed up Monte Carlo simulations. These simulations are key for problem solving in many industries, including finance, telecommunications, robotics, climate science, and drug discovery.
“As part of our firm’s focus on delivering ever-increasing value for our clients, our research group has been making fundamental contributions to quantum technology. We are working toward enterprise use cases that could have significant impact on strategic investing decisions,” said William Zeng, Head of Quantum Research, Goldman Sachs. “Working with IonQ has been essential for accessing the best quantum technology and accelerating our timeline.”
The quantum algorithm theorized by QC Ware and Goldman Sachs for Monte Carlo simulations has now been demonstrated in practice on the latest IonQ quantum computer. Together, the teams are designing quantum algorithms intended to let firms evaluate risk and simulate prices for a variety of financial instruments at far greater speeds than today, which, if successful, could transform the way financial markets worldwide operate.
“This is a demonstration of how the combination of insightful algorithms that reduce hardware requirements and more powerful near-term quantum computers has now made it possible to start running Monte Carlo simulations,” said Iordanis Kerenidis, Head of Quantum Algorithms – International, QC Ware. “While QC Ware has designed novel practical quantum algorithms and software for enterprise implementation, IonQ has built unique hardware with quantum gates of high enough quality to run these algorithms.”
This experiment was performed on the newest generation IonQ quantum processing unit (QPU), which features an order of magnitude better performance in terms of fidelity and greatly enhanced throughput compared to previous generations. This allows for deeper circuits with many shots to be run over a significantly shorter period of time than previously possible. The combination of these features makes it possible for the first time to run algorithms of this nature. Technical details are outlined in a recently released research paper.
“To get to useful solutions in quantum computing today, we must bring together state-of-the-art quantum hardware and best-in-class quantum algorithms,” said Peter Chapman, CEO and President of IonQ. “Most people are tracking quantum hardware progress, but they often miss that quantum software is accelerating at similarly breakneck speeds. The convergence of hardware and software will enable a quantum future sooner than most think, and our work with Goldman Sachs and QC Ware is a great example of that.”
The news follows on the heels of a number of notable developments from IonQ. The company recently announced a partnership with the University of Maryland to create the National Quantum Lab at Maryland (Q-Lab), the nation’s first user facility that enables the scientific community to pursue world-leading research through hands-on access to a commercial-grade quantum computer. IonQ also debuted two breakthroughs in quantum computing that lay the foundation for increases to qubit count into the triple digits on a single chip. Finally, IonQ anticipates becoming the first publicly-traded, pure-play quantum computing company via a merger with dMY Technology Group III (NYSE: DMYI).
IonQ, Inc. is the leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Chris Monroe and Jungsang Kim based on 25 years of pioneering research at the University of Maryland and Duke University. To learn more, visit www.IonQ.com.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About QC Ware
QC Ware is a leading quantum-as-a-service company focused on the development of applications for near-term quantum computing hardware. With a team composed of some of the industry’s foremost experts in quantum computing, QC Ware is growing rapidly and generating substantial revenue from global enterprise and government sector customers including Aisin Group, Airbus, BMW Group, Equinor, Goldman Sachs, and Total. QC Ware Forge, the company’s flagship quantum computing cloud service, is built for data scientists with no quantum computing background. It provides unique, performant, turnkey implementations of quantum computing algorithms. QC Ware is headquartered in Palo Alto, California and supports its European customers through its subsidiary in Paris. QC Ware also organizes Q2B, the largest annual gathering of the international quantum computing community.
About dMY Technology Group, Inc. III
dMY III is a special purpose acquisition company formed by dMY III Technology Group (NYSE: DMYI), Harry L. You and Niccolo de Masi for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.
Important Information About the Merger and Where to Find It
This communication may be deemed solicitation material in respect of the proposed business combination between dMY III and IonQ (the “Business Combination”). The Business Combination has been submitted to the stockholders of dMY III and IonQ for their approval. In connection with the vote of dMY’s stockholders, dMY III Technology Group, Inc. III has filed relevant materials with the SEC, including a registration statement on Form S-4, which includes a proxy statement/prospectus. This communication does not contain all the information that should be considered concerning the proposed Business Combination and the other matters to be voted upon at the annual meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. dMY III’s stockholders and other interested parties are urged to read the definitive proxy statement, dated August 12, 2021, and any other relevant documents that are filed or furnished or will be filed or will be furnished with the SEC carefully and in their entirety in connection with dMY III’s solicitation of proxies for the special meeting to be held to approve the Business Combination and other related matters, as these materials will contain important information about IonQ and dMY III and the proposed Business Combination. On or about August 12, 2021, dMY III mailed the definitive proxy statement/prospectus and a proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. Such stockholders are also be able to obtain copies of these materials, without charge, at the SEC’s website at http://www.sec.gov, at the Company’s website at https://www.dmytechnology.com/ or by written request to dMY Technology Group, Inc. III, 11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA 90025.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be made directly in this communication. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of dMY’s securities; (ii) the risk that the transaction may not be completed by dMY’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by dMY; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval of the merger agreement by the stockholders of dMY, the satisfaction of the minimum trust account amount following any redemptions by dMY's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the inability to complete the PIPE transaction; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (vii) the effect of the announcement or pendency of the transaction on IonQ’s business relationships, operating results and business generally; (viii) risks that the proposed transaction disrupts current plans and operations of IonQ; (ix) the outcome of any legal proceedings that may be instituted against IonQ or against dMY related to the merger agreement or the proposed transaction; (x) the ability to maintain the listing of dMY’s securities on a national securities exchange; (xi) changes in the competitive industries in which IonQ operates, variations in operating performance across competitors, changes in laws and regulations affecting IonQ’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xiii) the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic; and (xiv) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and other documents filed by dMY from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and dMY and IonQ assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither dMY nor IonQ gives any assurance that either dMY or IonQ, or the combined company, will achieve its expectations.
No Offer or Solicitation
This communication is for informational purposes only and does not constitute an offer or invitation for the sale or purchase of securities, assets or the business described herein or a commitment to the Company or the IonQ with respect to any of the foregoing, and this communication shall not form the basis of any contract, nor is it a solicitation of any vote, consent, or approval in any jurisdiction pursuant to or in connection with the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
Participants in Solicitation
dMY III and IonQ, and their respective directors and executive officers, may be deemed participants in the solicitation of proxies of dMY III’s stockholders in respect of the Business Combination. Information about the directors and executive officers of dMY III is set forth in the Company’s Form dMY III’s filings with the SEC. Information about the directors and executive officers of IonQ and more detailed information regarding the identity of all potential participants, and their direct and indirect interests by security holdings or otherwise, are set forth in the definitive proxy statement/prospectus for the Business Combination. Additional information regarding the identity of all potential participants in the solicitation of proxies to dMY III’s stockholders in connection with the proposed Business Combination and other matters to be voted upon at the special meeting, and their direct and indirect interests, by security holdings or otherwise, are included in the definitive proxy statement/prospectus.