|Type||Privately held company|
|Headquarters||Vancouver, British Columbia, Canada|
|Key people||Andrew Fursman, CEO
Landon Downs, CFO
Robyn Foerster, GM
David Roberts, Chair
1QB Information Technologies, Inc. (1QBit) is a quantum computing software company, based in Vancouver, British Columbia. 1QBit was founded on December 1, 2012 and a longstanding partnership with D-Wave Systems was formally announced on June 9, 2014. While 1QBit develops general purpose algorithms for quantum computing hardware, the organization is primarily focused on computational finance.
In an equity research report from November 2013, JP Morgan's Global Equity Quant Strategy team summarized 1QBit's technology as "an accessible framework for practitioners to access the power of Quantum computing without needing to understand the underlying complexities." From a technical perspective, 1QBit's software reformulates financial problems into the quadratic unconstrained binary optimization format necessary to compute with quantum annealing processors.
Although 1QBit was founded as the first dedicated quantum computing software company in 2012, the D-Wave Two processor wasn't confirmed as the first "real" quantum computer until June 2014. This finding validated the technology underpinning 1QBit's quantum algorithms and "provided an encouraging sign that QA is a viable technology for large-scale quantum computing." In 2013, 1QBit raised seed funding from US and Canadian angel investors, before closing a Series A financing round led by the Chicago Mercantile Exchange in 2014.
1QBit is headquartered in Vancouver, British Columbia, Canada. In early 2014, 1QBit was invited to join the OneEleven data community located in Toronto, Ontario, Canada. This second location serves as the data science and software production arm of the organization.
- "Founding 1QBit". December 1, 2012.
- "D-Wave Systems Building Quantum Application Ecosystem, Announces Partnerships with DNA-SEQ Alliance and 1QBit". June 9, 2014.
- "Recommended Reading and Discussion". 1QBit.com. Retrieved 16 June 2014.
- Dion, Marco (November 4, 2013). "Europe Equity Research". J.P. Morgan Equity Quant Conference 2013 6: 14. Retrieved 16 June 2014.
- "CNBC Exponential Finance". CNBC Online. CNBC. Retrieved 16 June 2014.
- Hruska, Joel (June 12, 2014). "D-Wave confirmed as the first real quantum computer by new research". Extreme Tech. Retrieved 16 June 2014.
- Lanting, T. (29 May 2014). "Entanglement in a Quantum Annealing Processor". Phys. Rev. X 4.
- Marek, Lynne (May 5, 2014). "CME makes a new bet on the future". Crain's Chicago Business. Retrieved 16 June 2014.
- "1QBit Locations". 1QBit Website. Retrieved 17 June 2014.
- "1QBit @ OneEleven". OneEleven.com. Retrieved 17 June 2014.