Groovenauts is a Japanese software company that combines AI and quantum technologies to provide a cloud-based platform that transforms the value of smart devices and big data for their clients. MUFG Bank is the core retail, corporate and investment banking unit of Mitsubishi UFJ Financial Group and is the largest bank in Japan with over 28,800 employees and offices in more than 40 countries. MUFG Bank has acquired approximately 18% of Groovenauts and the two companies will work together to apply Groovenauts quantum technology to the financial sector in different areas as shown below. As part of this effort, Groovenauts will leverage it MAGELLAN’S BLOCK SaaS software that combines state-of-the-art technology and sophisticated mathematical models, including the world’s leading use of quantum annealing.
The amount of money for the investment was not disclosed. News releases provided by MUFG Bank announcing the investment and business alliance between the two companies are available on the MUFG website Here.
July 15, 2023