IonQ and Hyundai Motor Company Expand Quantum Computing Partnership, Continuing Pursuit of Automotive Innovation
IonQ (NYSE: IONQ), an industry leader in quantum computing, today announced the next stages of its partnership with Hyundai Motor Company to develop the vehicles of the future. Hyundai Motor Company and IonQ will work to develop on IonQ's quantum computers machine vision algorithms capable of conducting object detection on three dimensional data from autonomous vehicles. Additionally, the two companies will utilize IonQ's industry-leading quantum computers to simulate electrochemical reactions of varying metal catalysts. The new projects build upon previous work between the two companies and further the role quantum computers have in developing the smart, environmentally friendly vehicles of the future.
In the race to develop reliable, autonomous vehicles of the future, Hyundai is at the forefront. Ongoing research between IonQ and Hyundai has the two companies applying quantum machine learning to image processing, where images - such as road signs - are encoded into a quantum state for classification and object detection. The initial success of these early projects has led Hyundai to pursue additional joint research with IonQ on a number of new techniques. Of particular interest in this new endeavor is the analysis of spatial and environmental data from lidar and other sensors, which could improve vehicles' understanding of the nature and location of objects, people, and environment around them. Quantum machine learning techniques being investigated at IonQ have shown the potential to learn faster, be more effective in recognizing edge cases, generalize better, learn from lower resolution or noisy data, and capture complex correlations with a far lower number of parameters. These deep technical advantages can ultimately lead to quicker, safer and more accurate decisions without user input.
Additionally, Hyundai's earlier efforts to study lithium compounds and the chemical reactions involved in battery chemistry has led the group to expand its current scope and explore new metal catalyst chemical reactions for future vehicles. The collective insights and knowledge gained from the quantum simulations will enable Hyundai engineers to potentially develop higher-performance EVs at reduced costs.
"IonQ's continued work with Hyundai strengthens both our beliefs that quantum will drive the next phase of innvations throughout the automotive industry," said Jungsang Kim, co-founder and CTO, IonQ. "Autonomous vehicles are still in their infancy, yet the quantum-derived algorithms we're testing today have the potential to shape the commerciality, efficiency and safety of such systems."
Today's projects closely follow IonQ's recent announcement that it secured a $13.4 million contract to supply the U.S. Air Force Research Lab (AFRL) with access to its trapped ion systems for quantum computing hardware research and for the development of quantum algorithms and applications. Other commercial partnerships to have materialized in recent months include Airbus, GE Research, and Goldman Sachs, among others. Additionally, IonQ's Aria system is the most powerful commercially available quantum system in the market with an industry-leading 25 algorithmic qubits.
For other information about IonQ's recent commercial or research partnerships, please refer to the Q3 2022 financial results announced on November 14, 2022.
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ's current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, including IonQ Aria, a system that boasts industry-leading 25 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale.
IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Dr. Christopher Monroe and Dr. Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.
IonQ Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. These statements include those related to the anticipated benefits of the partnership, including Quantum-powered machine learning solution's expected ability to develop machine vision algorithms on IonQ's quantum computers and simulate electrochemical reactions of varying metal catalysts; IonQ's ability to further develop and advance its quantum computers and achieve scale; IonQ's market opportunity and anticipated growth; and the commercial benefits to customers of using quantum computing solutions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and IonQ's products, services and solutions; the ability of IonQ to protect its intellectual property; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ's business; IonQ's ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of IonQ's Annual Report on Form 10-K for the year ended December 31, 2021 and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.
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