Quantum Computing Inc., (NASDAQ: QUBT), a Leesburg, VA-based full-stack photonic-based quantum computing and solutions company, 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 millionways, a New York City-based AI firm that has created an 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.
Led by Martin Cordsmeier, CEO, 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. Its advanced emotionally-intelligent AI platform combines analysis and matchmaking algorithms based upon various forms of user-generated text or audio-to-text data with at least 500 words. The 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.
Led by Robert Liscouski, CEO, Quantum Computing is a full-stack quantum hardware and software company on a mission to accelerate the value of quantum computing for real-world business solutions. The company delivers 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. Its 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. Using its 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.
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.
*According to the terms of the LOI, QCI will provide a series of three bridge loans to millionways starting at $125K and potentially aggregating up to $2M 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.
FinSMEs
22/05/2023