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Universal Quantum: Major Investors Back Disruptive New Player in Quantum Computing Race
Universal Quantum, a disruptive new player on the global quantum computing stage, has today emerged out of stealth announcing an oversubscribed £3.6 million seed-funding round. The company is set to develop its ground-breaking new quantum computing approach and compete with the world’s biggest quantum computing companies with backing from highly influential tech investors.
The UK Government’s Science Minister, Amanda Solloway MP, will announce the investment at a quantum technology industry event later today.
Universal Quantum’s prestigious list of investors includes Hoxton Ventures, who were early backers of Deliveroo, Village Global, backed by the likes of Bill Gates, Mark Zuckerberg and Jeff Bezos, Propagator VC, Luminous VC, 7percent, as well as influential individuals. Investors have described Universal Quantum as having ‘the best approach to deliver on the exponential promises of quantum’.
The University of Sussex spin-out company, founded by quantum computing experts Professor Winfried Hensinger and Dr Sebastian Weidt in 2018, is intent on building the world’s first large-scale quantum computer with Hensinger as the Chief Scientist & Chairman and Weidt as the Chief Executive Officer.
Hensinger and Weidt have developed a radical new approach to building a quantum computer. While some companies have created small quantum machines, Universal Quantum believes that only its technology has a realistic opportunity of being scaled up into machines large enough to unleash the huge potential of quantum computing.
Key to Universal Quantum’s appeal are some fundamental differences in its approach to building a large-scale quantum computer compared to the rest of the field. Competing approaches may require billions of laser beams for calculations, operate at extremely cold temperatures marginally above absolute zero (-273C), which can prohibit scaling up to many quantum bits (qubits), and complex engineering to connect individual quantum computing modules through optical fibre links.
Universal Quantum, however, has developed technology based on trapped ions (charged atoms) to carry out calculations using well-established microwave technology, such as that used in mobile phones, removing the need for a prohibitive number of laser beams. It substantially reduces the necessary cooling requirements, allowing to operate at a much easier to obtain temperature of (-200C) which is critical in making quantum computers far more practical and capable of operating millions of qubits. It has also developed a unique modular approach based on fast electric-field links connecting individual modules, enabling the company to scale-up to practical quantum computers that are able to process millions of qubits.
Dr Sebastian Weidt, CEO at Universal Quantum, said: “We are absolutely thrilled to have such high-calibre investors join our vision and being excited about our technology and outstanding team. We’ve done the research, now this investment puts us on an incredibly exciting path to actually building practical quantum computers.”
Professor Winfried Hensinger, Chairman and Chief Scientist at Universal Quantum, said: “Quantum computing has the power to change the world for the better. We are taking a small but significant step toward realising that potential by getting started with the engineering to create practical quantum computers. While it is a major engineering challenge, our technology and approach do not rely on making major physics breakthroughs.
“We’re assembling the brightest minds to do just that, paving the way for a British start-up to lead the journey to a truly useful and usable one million qubit quantum computer.
“Our large-scale quantum computers will one day allow us to tackle the grand global issues of our time, from creating new pharmaceuticals, revolutionizing financial modelling, tackling optimisation problems, machine learning even helping to feed the worlds’ population by making fertilizer more efficiently.”
A spokesperson for Hoxton Ventures said:
“At Hoxton, we’re on the search to back the next big thing.
“Quantum computing is where artificial intelligence was back in 2010. We think Universal Quantum’s trapped ion technique is the best approach to deliver on the exponential promises of quantum.
“Their technology is fully modular, relying on electric field connections rather than optical fibres to link individual modules. This is much faster, and also much simpler as an engineering approach.
“We think if UQ succeeds, its impact will lead to potential breakthroughs in technology, healthcare, materials, financial services and other industries. That’s the kind of asymmetric return we invest into.”
A spokesperson for Village Global said: “No other company has shown how they can work with millions of ions for a powerful quantum machine without needing millions of lasers, which quickly becomes unfeasible at scale. Universal Quantum execute quantum gates by applying voltages to a microchip, which is a smart and elegant solution to the problem of scaling up.
“At Village Global, we will always back the best ideas and we are excited supporting this great venture going forward”
Andrew J Scott, a founding partner at 7percent ventures, said: “When we looked for a quantum computing team to invest in it was very clear that Winfried and Seb not only had the experience to deliver on such a technical challenge but have the vision to do so.
“This will be a step change for science, equivalent in impact to the invention of the microprocessor or the internet. It’s just the sort of big idea at 7percent Ventures we love to back.”
Lomax Ward from Luminous VC said: “Quantum computing will unlock seismic changes for both this generation and the next. We are delighted to be partnering with two visionary scientists and founders in Prof Winfried Hensinger and Dr Sebastian Weidt in their mission to crack quantum computing at scale. Luminous Ventures exists for investments like this.”
A spokesperson for Propagator VC said: “The team’s engineering approach to building a scalable quantum computer together with their deep experience makes Universal Quantum uniquely positioned. By operating at much milder temperatures, Universal Quantum’s technology successfully swerves a major stumbling block of their competitors. They are the company closest to achieving quantum computing at the scale and power we need. Their approach utilizing microwave radiation gates has the potential to overcome many of the current obstacles to building a truly scalable quantum computer.”
A spokesperson for FoundersX Ventures said: “While making investments in BioPharma, cybersecurity and fintech, we have been looking for an ambitious team in Quantum Computing with a unique combination of world-leading technologies and highly practical engineering approaches towards truly universal quantum computers. After we spoke with Dr. Sebastian Weidt, watched Prof. Hensinger’s in-depth video talks, and read through all their ground-breaking publications in Nature and Science, we are thrilled that we found the perfect team, who can cross the chasm, taking Quantum Computing from rocket science to everyday engineering solutions. Besides the clear advantage of mild cooling with trapped ions, I believe their sheer focus on using standard semiconductor chip processes and proven modular integration techniques will set this team apart ultimately. Look forward to supporting Universal Quantum to grow big!”
Professor Adam Tickell, Vice Chancellor of the University of Sussex, said: “This University of Sussex spin-out company will see the Greater Brighton area become a new centre of gravity in the world’s rapidly growing quantum computing industry.
“We are very proud of the achievements of Professor Winfried Hensinger and Dr Sebastian Weidt, and their team, who have long been pushing the boundaries of developments in this area, from publishing the world’s first blue-print for building a large-scale quantum computer in 2017 to pioneering technology which uses microwaves rather than lasers to execute calculations within the quantum computer.”
The next twelve months will see a much larger funding round (Series A), which will drive even more significant progress.
The seed-funding – to the value of £3.6 million – has been secured from the following investors:
- Hoxton Ventures – an early-stage technology venture capital firm. They partner with founders seeking to invent new market categories or transform large, existing industries. Their portfolio includes Darktrace, Deliveroo and others
- Village Global – an early-stage venture capital firm backed by some of the world’s most successful entrepreneurs including Diane Greene, Bill Gates, Jeff Bezos, Reid Hoffman, Mark Zuckerberg and Sara Blakely.
- Propagator VC, which invests in companies with deep tech at its core taking their first steps towards building commercial success-stories. Their focus areas are: machine learning/AI; Quantum Computing; Robotics; Encryption; and Materials
- Luminous VC, which backs founders with a vision to significantly change the world with breakthrough technologies and applied science.
- 7percent Ventures, who invest in tech start-ups which want to change the world, giving founders with moonshot ambitions their first money. Past investments include Oculus, Flexport, Blue Vision Labs and Magic Pony Technologies.
- FoundersX Ventures is a Silicon Valley venture capital firm investing in disruptive technologies in smart enterprises with AI and big data, quantum computing, space technology, digital healthcare, Fintech and Foodtech.
- La Roca Capital
German Seed investor specializing in insurance tech and other promising product development.
OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Financial and Operational Highlights
- The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
- Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
- Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
- Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.
Consolidated results and financial performance
(in millions)
|
13 weeks ended |
39 weeks ended |
|||||||||||
|
Change |
Change |
|||||||||||
|
September |
September |
$ |
% |
September |
September 30, 2023 |
$ |
% |
|||||
|
Revenue |
$ |
252.7 |
$ 360.6 |
(107.9) |
(30) |
$ 861.2 |
$ 1,841.8 |
(980.6) |
(53) |
|||
|
Profit (loss) for the period |
$ |
5.7 |
$ (5.8) |
11.5 |
(198) |
$ 24.1 |
$ 15.0 |
9.1 |
61 |
|||
|
Profit (loss) before |
$ |
1.4 |
$ (8.7) |
10.1 |
(116) |
$ 12.3 |
$ 23.4 |
(11.1) |
(47) |
|||
|
Profit (loss) before |
0.6 % |
(2.4) % |
1.4 % |
1.3 % |
||||||||
|
(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report. |
|
(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items. |
|
As at |
||||||||||
|
September 28, 2024 |
December 31, 2023 |
$ Change |
% Change |
|||||||
|
Cash |
$ |
58.4 |
$ |
59.8 |
(1.4) |
(2) |
||||
|
Inventories |
$ |
71.5 |
$ |
68.8 |
2.7 |
4 |
||||
|
Capital assets |
$ |
174.2 |
$ |
173.0 |
1.2 |
1 |
||||
|
Total assets |
$ |
376.8 |
$ |
380.4 |
(3.6) |
(1) |
||||
|
Working capital |
$ |
99.2 |
$ |
97.8 |
1.4 |
1 |
||||
As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.
To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/royal-canadian-mint-reports-profits-and-performance-for-q3-2024-302314428.html
Fintech PR
OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/oive-and-viniportugal-celebrate-closing-of-joint-campaign-that-reached-100-million-consumers-302314339.html
Fintech PR
Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era
SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.
“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”
“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.
Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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