A Canadian company developing quantum intelligence for insurance and other industry sectors has raised a $2 million seed round of financing.

Qindom, based in Toronto, raised the funding from an unnamed individual early investor who also had early involvement with Sequoia Capital.

According to the company, its quantum intelligence application can be applied thus far to prediction in financial investment, route planning in logistics, recommendation in e-commerce, and customer churn prevention in telecommunication and insurance.

Yao Wang, Qindom’s co-founder who was once affiliated with Alibaba group, said the investment will help fuel strategic development toward future growth.

Qindom was founded in January 2018 as a quantum intelligence (QI) research and application service provider. The company’s open platform and intellectual properties are designed for applying quantum computing to revolutionize fundamental algorithms and models for combinatorial optimization problems and for realizing quantum intelligence in real-world industry practices.

Qindom’s QI technology applies quantum computing technologies to address complex problems in various industrial scenarios. The thought is that QI technology can be applied to artificial intelligence increasingly used in business. By reconstructing AI with quantum computing technologies in research and applications, the idea is that QI will achieve parallel computing and fair sampling and boost the performance of all algorithms and models to the next level.

Source: Qindom