QCI Signs Letter of Intent to Acquire Privately Held Artificial Intelligence Platform millionways
LEESBURG, Va., May 22, 2023 -- Quantum Computing Inc. (QCI), the first-to-market full-stack photonic-based quantum computing and solutions company, today announced that its Board of Directors has unanimously approved the signing of a non-binding Letter of Intent (LOI) to acquire up to 100% of the AI firm, millionways, creator of the world's first emotionally-intelligent AI platform, pending the completion of due diligence by independent third party valuation and fairness opinion firms. The LOI follows the teaming and combining of millionways' AI sensing algorithms with QCI's quantum photonics computing power, including substantive progress made since the Company's initial testing engagement announced in April 2023.
Based in New York City, millionways is a leader in the development of AI algorithms used to effectively provide next-gen feedback to users on their emotional state and personality insights. Millionways' advanced emotionally-intelligent AI platform uniquely combines analysis and matchmaking algorithms based upon various forms of user-generated text or audio-to-text data with at least 500 words. The technology offers quick-turnaround analysis. Unlike other machine learning platforms such as ChatGPT, Alexa, or Siri, the millionways proprietary methodology and algorithms make behavorial predictions based on psychological patterns driven by underlying emotions. The methodology, known as Personality Systems Interactive (PSI) theory, is a recognized and validated model for studying the dynamics of personality development and emotional state. The millionways AI model delivers human behavior personality assessments that have clear applications in making the most informed decisions in healthcare, hiring, dating, customer relations, and general applications where social interactions drive behavorial outcomes.
Over the past year, QCI has built and tested multiple hybrid AI hardware systems using photonics and quantum mechanics to boost machine learning efficiency, reduce the power consumption, and significantly speed up the training. Those systems have demonstrated substantial advantages over existing digital electronic hardware for many AI applications. Upon those successes, the QCI near-term strategy includes (1) offering laptop/desktop-size devices for sale, (2) seeking industry partnerships to explore various applications in different application domains, and (3) partnering with millionways to demonstrate/highlight the Company's commitment to AI and accelerate its entrance into the industry.
Robert Liscouski, QCI's CEO and co-founder commented: "The strategic integration with QCI's Reservoir Computing systems will "supercharge" millionways' algorithms to ingest audio files, adding a significant new capability to overlay context and tonal information to the existing natural language processing to text conversion data used by the system today. Emotionally-intelligent AI can be continuously fed with voice entries and ultimately live video to recognize patterns and unconscious moods directly within speech and body, thus returning a more accurate and comprehensive personality analysis of a user."
According to the terms of the LOI, QCI will provide a series of three bridge loans to millionways starting at $125,000 and potentially aggregating up to $2,000,000, at QCI's discretion. Upon the completion of the first bridge loan, QCI will have the right of first refusal ("RoFR") to purchase millionways for a one-year period. Upon completion of the final bridge loan, QCI's RoFR will include a predetermined maximum valuation. The bridge loans would carry an interest rate of 10% per annum, a term of 12 months and will be pari passu to all other existing debt of millionways, excluding any payables to the key internal stakeholders. In the event QCI enters into the proposed three bridge loans and decides not to proceed with an acquisition of millionways, the bridge loans would become senior to all existing debt with the exception of short-term bank lines and similar short-term obligations. Furthermore, QCI has the option to convert the bridge loans at any time into SAFE notes, which would not carry an interest rate, but would be convertible into shares of millionways common stock at the lowest discount provided to other investors.
About millionways
millionways created the world's first emotionally-intelligent A.I. assessment tools, providing next-gen personality insights. Founded in New York, NY in 2021, millionways' disruptive technology is based on first time-digitalized PSI theory, natural language processing, meets several "zeitgeist topics" and can be utilized for B2B and B2C, which makes it a potential - currently untouched - billion dollar market opportunity. millionways was developed, and is continually evolving, through its team of renowned scientists, developers, psychologists, philosophers, deep thinkers, and people who use it.
About Quantum Computing Inc.
Quantum Computing Inc. (NASDAQ: QUBT) is a full-stack quantum hardware and software company on a mission to accelerate the value of quantum computing for real-world business solutions, delivering the future of quantum computing, today. The company delivers accessible and affordable full-stack solutions with real-world industrial applications, using photonic-based quantum entropy, which can be used anywhere and with little to no training, operates at normal room temperatures and low power. QCI is competitively advantaged delivering its quantum solutions at greater speed, accuracy, and security at less cost QCI's core entropy computing capability, the Dirac series, delivers solutions for both binary and integer-based optimization problems using over 11,000 qubits for binary problems and over 1000 (n=64) qudits for integer-based problems, each of which are the highest number of variables and problem size available in quantum computing today. Using the Company's core quantum methodologies, QCI has also developed specific quantum applications for AI, cybersecurity and remote sensing, including its Reservoir Quantum Computing, reprogrammable and non-repeatable Quantum Random Number Generator and LiDAR products.
About QI Solutions, Inc. (QIS)
QI Solutions, Inc., a wholly owned subsidiary of Quantum Computing Inc., is a supplier of quantum technology solutions and services to the government and defense industries. With a team of qualified and cleared staff, QIS delivers a range of solutions from entropy quantum computing to quantum communications and sensing, backed by expertise in logistics, manufacturing, R&D and training. The company is exclusively focused on delivering tailored solutions for partners in various government departments and agencies.
Source: QCI
