Multiverse Computing, one of the fastest emerging players in the quantum computing space, is expanding its use of machine learning software to help it accelerate the development of quantum computing applications for the financial sector.
Multiverse, which is based in Spain, has partnered with Xanadu, described as a full-stack photonic quantum computing company, with the aim of expanding Multiverse’s use of Xanadu’s PennyLane software. PennyLane is an open source, device-agnostic platform that allows users to employ machine learning tools to train quantum computers the same way as neural networks, the companies said in a statement. This announcement comes as more companies are starting to explore the intersection of quantum computing, artificial intelligence and machine learning to find out how they can leverage one another for advancements in their respective fields.
That will result in faster and easier development phases for financial sector users in areas ranging from risk modeling to market forecasting. The device-agnostic aspect means that Multiverse can use the software not only on Xanadu hardware, but also on systems from its partners IonQ and IBM.
“PennyLane has been incredibly useful for its analytical capabilities,” Multiverse CTO Samuel Mugel, via email. “In the first stages of building a new optimization / ML model, we use PennyLane to tune our low level quantum control routine.”
He added, “With PennyLane at the core of Multiverse’s product suite, our financial services clients will gain access to tools and best practices in quantum programming, backed by one of the world’s largest open-source quantum communities. We see PennyLane as a critical tool for validating our product efforts, enhancing our ability to rapidly test and deploy new quantum capabilities across our financial user community.”
Xanadu’s software also has been used by companies such as Menten AI, which used it as part of its efforts in the area of applying quantum to drug discovery. Toronto-based Xanadu raised $100 million last year from Bessemer Venture Partners and other investors. Meanwhile, Multiverse raised just over $14 million late last year from the European Innovation Council.
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