1Qbit

About 1Qbit

1QBit, legally known as 1QB Information Technologies Inc., is a quantum computing software company established to address complex computational problems for various industries. Founded on December 1, 2012, by Andrew Fursman, Landon Downs, and Phil Goddard, the company emerged as one of the first to focus exclusively on developing software for the nascent quantum computing sector. Based in Vancouver, British Columbia, the firm was created by entrepreneurs and researchers who foresaw the transformative potential of quantum computers and aimed to bridge the gap between industrial challenges and this new form of hardware.

The founders brought diverse and complementary expertise to the venture. Andrew Fursman, the CEO, has a rich background in technology and entrepreneurship, having co-founded companies like Satellogic Nano-Satellites and holding degrees in economics, philosophy, political science, and financial engineering from institutions including the University of Waterloo, Stanford University, and Singularity University. Landon Downs, Co-founder and President, has a strong foundation in finance and investment, with experience in investment banking at Macquarie Group and as a founding partner at Agentis Capital Partners and Minor Capital. His financial acumen, evidenced by his CFA charter, has been pivotal in advising on the deployment of significant capital throughout his career.

1QBit operates on a hardware-agnostic model, developing software and algorithms that can run on both quantum and classical high-performance computing systems. This strategic approach allows clients to benefit from computational advancements today while preparing for the maturation of full-scale quantum computers. The company provides its services through an API endpoint, enabling industry partners to integrate 1QBit's platform into their existing applications to solve intractable problems in optimization, simulation, and machine learning. Its business model focuses on partnering with Fortune 500 clients and leading hardware providers, with revenue generated through strategic investments, licensing agreements, and service contracts. The company serves sectors such as finance, materials science, life sciences, and energy, working with partners like Dow Chemical, Accenture, and Fujitsu.

The company has developed specific platforms to meet client needs, including the 1Qloud platform for optimization problems, which reformulates them into the QUBO (quadratic unconstrained binary optimization) format required by quantum annealing processors from hardware partners like D-Wave Systems. For materials science and quantum chemistry, the QEMIST platform is designed for simulations on universal quantum computing processors. A notable achievement includes the development of XrAI, an AI-powered radiology platform that received Health Canada accreditation as a Class III Medical Device. The company's work has been recognized globally, receiving the World Economic Forum's Technology Pioneer Award in 2015. After being acquired by Terra Quantum AG in February 2024, 1QBit's extensive algorithm library and software development expertise were merged with Terra Quantum's quantum platform and services.