Quantum Computing Inc. Sign a Letter of Intent to Acquire a Privately Owned Artificial Intelligence Platform in a million ways
- The board of directors of Quantum Computing Inc. agreed to a letter-of-intent to by millionways, an AI company.
- million ways to develop AI algorithms to effectively provide users with next-generation feedback about their emotional state and personality insights.
- Critical Quote: “Strategic integration with QCI’s Reservoir Computing system will “enhance” the algorithm millions of ways for ingesting audio files, adding significant new capabilities to overlay context and tonal information to existing natural language processing to text conversion data used by today’s systems .” Robert LiscouskiCEO and co-founder of QCI
PERS CONFERENCE – Quantum Computing Inc. (“QCI” or “Company”) (NASDAQ: QUBT), the market’s first full-stack photonics-based quantum computing and solutions company, announced today that its Board of Directors has unanimously approved the signing of a non-binding Letter of Intent (LOI) to acquire up to 100% of AI firm, a million ways, creator the world’s first emotionally intelligent AI platform, pending the completion of due diligence by independent third-party appraisal firms and fairness opinions. LOI follows the collaboration and merging of million-way AI sensing algorithms with QCI’s quantum photonic computing power, including substantive progress made since the Company’s initial test engagement was announced in April 2023.
Based in New York City, millionways is a leader in the development of AI algorithms used to effectively provide users with next-generation feedback about their emotional state and personality insights. Millionways’ advanced emotionally intelligent AI platform uniquely combines analysis and matchmaking algorithms based on various forms of user-generated text or audio-to-text data with at least 500 words. This technology offers fast turnaround analysis. Unlike other machine learning platforms such as ChatGPT, Alexa, or Siri, the million-way proprietary methodology and algorithms make behavioral predictions based on underlying emotion-driven psychological patterns. The methodology, known as Personality Systems Interactive (PSI) theory, is a recognized and validated model for studying the dynamics of personality development and emotional states. The million-way AI model provides personality assessments of human behavior that have clear applications in making the most informed decisions in health care, recruiting, dating, customer relations, and general applications where social interaction drives behavioral outcomes.
Over the past year, QCI has built and tested several hybrid AI hardware systems using photonics and quantum mechanics to significantly increase machine learning efficiency, reduce power consumption, and speed up training. Such systems have demonstrated substantial advantages over existing digital electronics hardware for many AI applications. Upon this success, QCI’s short-term strategy includes (1) offering laptop/desktop sized devices for sale, (2) seeking industry partnerships to explore various applications in different application domains, and (3) partnering in a million ways to demonstrate/highlight commitment Enterprise towards AI and accelerating its entry into the industry.
Robert Liscouski, CEO and co-founder of QCI commented that, “Strategic integration with QCI’s Reservoir Computing system will “enhance” the million-way algorithm for ingesting audio files, adding significant new capabilities for displaying context and tonal information to existing natural language processing to text data. conversion used by the current system. Emotionally intelligent AI can continue to be filled with voice entries and eventually live video to recognize directly unconscious patterns and moods in speech and body, resulting in a more accurate and comprehensive analysis of a user’s personality.”
Mr. Liscouski continues, “The rise of AI applications depends on the rapid expansion of computing power and lowering the need for voracious electricity. QCI’s hybrid hardware solutions meet the evolving needs of AI and provide incredible computing speed, low power requirements with minimal heat dispersion and support large-scale parallel processing and thus the agility to compete with big data centers on big data challenges. This special partnership will enable the development of new personality algorithms that can be trained and adapted faster, more accurately and at a lower cost.”
Mr. Liscouski noted, “It is our long-term mission to democratize quantum technology and bring this power to AI companies, giving them the ability to compete at a level hitherto only open to large and well-funded companies. Importantly, we recognize that the field of AI is evolving rapidly and has received significant scrutiny. QCI and millions of ways are aligned to show that our combined technologies will be able to ensure the integrity of AI system output and determine whether text, speech or video is fake or real.”
Under the terms of the LOI, QCI will provide a series of three bridge loans to millions starting at $125,000 and potentially add up to $2,000,000, at QCI’s discretion. Upon completion of the first bridge loan, QCI will have the right of first refusal (“RoFR”) to purchase millions of ways for a period of one year. Upon completion of the final bridge loan, the RoFR QCI will cover a predetermined maximum rating. The bridge loan will have an interest rate of 10% per annum, a term of 12 months and will be pari passu for all existing million-way debt, excluding debts to key internal stakeholders. If QCI enters into three proposed bridge loans and decides not to proceed with the multi-million acquisition, the bridge loan will be senior of all existing debt except short-term bank lines and similar short-term obligations. In addition, QCI has the option to convert the bridge loan at any time to a SAFE note, which will not be subject to an interest rate, but will be converted into shares of common stock at the lowest discount given to other investors.
Martin Cordsmeier, CEO of Millionways stated, “The market for low-cost capabilities to objectively analyze individual personalities on a mass basis is huge and lucrative. In the quantum space, QCI has established itself as a leader in hardware innovation and commercialization. Like QCI, millions of ways have started commercialization. Last summer, we performed early integration of use cases with more than 50 major US companies. Also, like QCI, we have core technologies that can be easily and affordably bended to address key business challenges in any industry, which made the idea of combining our two teams even more appealing. Within the first few days of launching our test engagement in April, it became clear that using QCI’s unique hybrid electronic, photonic, and quantum systems would allow our AI developers the ability to extend our already extensive capabilities using massive increases in processing power. with amazingly low electricity costs. Even more impressive, given QCI’s predictive and near-simultaneous processing capabilities across all rich media, the future applications of our combined technologies will be endless.”