Accenture invests in and forms strategic alliance quantum computing firm 1QBit

Accenture Ventures, the investment arm of IT services company Accenture, on Thursday made a minority investment in 1QBit, a leading quantum computing firm based in Vancouver, British Columbia.

In a release issued by the company, the decision will help Accenture expand its capabilities in quantum computing analytics, heralding a new era of intelligence for businesses and organizations. Terms of the transaction were not disclosed.

1QBit builds quantum and quantum-inspired software to help organisations solve their most demanding computational challenges. Its interdisciplinary team comprises mathematicians, physicists, chemists, software developers and quantum computing experts who develop novel solutions to problems, from research through to commercial application development.

Commenting on the development, Accenture's chief technology and innovation officer Paul Daugherty by strengthening our relationship with 1QBit, Accenture has a significant opportunity to extend our first-mover advantage in applying quantum computing to create breakthrough innovations that help clients solve their most complex business challenges.

"The potential applications and benefits of quantum-inspired analytics is generating strong interest across numerous industries including financial services, life sciences, and oil & gas," Daugherty.

Accenture Analytics Chief Analytics Officer  Narendra Mulani said quantum computing is a turbocharger for analytics and the creation of new intelligence.

"We see massive potential for using the 1QBit platform on behalf of our clients to pursue quantum-inspired analytics, which will help us unlock even more value trapped in their data and find new opportunities to transform their businesses," said Mulani.

The two companies have formed a strategic alliance under which Accenture will be 1QBit's preferred systems integrator. Accenture has also been granted a license to use the 1QBit platform for demonstration, training, and the development and testing of Accenture tools and assets.

Accenture will leverage its alliance with 1QBit to develop a quantum-inspired analytics capability through Accenture Analytics and scale pilot opportunities identified through the Accenture Labs.

Quantum-inspired analytics harnesses the power and properties of quantum computing to tackle business problems by orders of magnitude faster than traditional computing.

1QBit's CEO and co-founder Andrew Fursman said establishing a strategic relationship with Accenture enables us to tap their vast capabilities, and bring 1QBit's expertise in quantum computing to a much broader base of clients.

"We are incredibly excited about the opportunities that our new relationship provides to help organizations take advantage of the benefits created by quantum-inspired analytics," he said.