Agnostiq Selects Pennylane to Develop Quantum Platform for Finance

News provided by

Nov 10, 2021, 09:00 ET

Agnostiq selects Xanadu's open-source library PennyLane to bring variational quantum computing and quantum machine learning capabilities to financial services.

TORONTO, Nov. 10, 2021 /PRNewswire/ - Agnostiq partners with Xanadu to build products on top of Xanadu's open-source software, PennyLane, to solve and address financial problems using advanced computing technologies. PennyLane provides a powerful and pioneering differentiable programming approach to quantum computing. It seamlessly integrates classical machine learning libraries with quantum hardware and simulators, giving users the power to train quantum computers the same way as neural networks.

Agnostiq makes it easy for companies to solve mission-critical tasks by using their modular quantum computing platform. Agnostiq recognizes that the financial services industry is transforming at an incredible pace and that being forward-looking is a must. The choice of PennyLane as the base for Agnostiq's solutions will allow its clients to grow their applications quickly and with flexibility into the future.

"Xanadu's PennyLane software offers a strong foundation for near-term quantum applications. Its modularity, flexibility, and raw speed enable Agnostiq's products to easily transition from research to production," said William Cunningham, Agnostiq's Head of Quantum Software.

Led by Xanadu's world-renowned team of scientists and developers, PennyLane has built a large and passionate following since its initial release three years ago. PennyLane connects the most popular quantum computing platforms with the best machine learning tools using a device-agnostic and open-source approach.

"PennyLane's adoption in the quantum ecosystem has been truly remarkable. We have a rapidly growing community of passionate, engaged, and knowledgeable users who are pushing new ideas that blur the lines between quantum computing and machine learning," said Nathan Killoran, Xanadu's Head of Software & Algorithms and Lead Developer of PennyLane.

With PennyLane at the core of Agnostiq's product suite, firms in the financial services industry can be sure that the tools they build conform with the best practices in quantum differentiable programming, with one of the largest open-source quantum communities backing the underlying components.

A partnership between Agnostiq and Xanadu will see PennyLane implemented at an industrial-scale by some of the world's leading financial institutions. The partnership represents a further step towards lowering the barrier for enterprise clients to take advantage of quantum computing.

About Agnostiq:
Agnostiq develops software tools and applications for advanced computing devices, with the aim of making these technologies more accessible to the enterprise space. Agnostiq is an interdisciplinary team of physicists, computer scientists, and mathematicians backed by leading investors in New York and Silicon Valley. Visit www.agnostiq.ai for more information.

About PennyLane:
PennyLane is an open-source software framework for quantum machine learning, quantum chemistry, and quantum computing built around the concept of quantum differentiable programming. It seamlessly integrates classical machine learning libraries with quantum hardware and simulators, giving users the power to train quantum circuits.

To find out more, visit the PennyLane Documentation (https://pennylane.ai), or check out the gallery of hands-on quantum machine learning content (https://pennylane.ai/qml/demonstrations.html).

About Xanadu:
Xanadu is a Canadian quantum technology company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit www.xanadu.ai or follow us on Twitter @XanaduAI.

SOURCE Xanadu