As companies and research institutions continue to explore prospects in quantum computing and new ways to gain a quantum advantage over classical computers, Agnostiq, a high-growth software technology company specializing in the development of advanced computing tools, has announced its partnership with Canadian based Xanadu, a revolutionary quantum computing company that is leading the charge in building next-generation quantum computers, to use its open-source software – Pennylane to solve financial problems and also bring power and reach to financial markets using advanced computing technologies.
PennyLane uses a differentiable programming approach, which makes it much more straightforward to program quantum computers than existing alternatives by integrating popular quantum computing platforms with the best machine learning tools using a device-agnostic and open-source approach.
PennyLane’s groundbreaking Differentiable Programming technology allows users to train and deploy quantum computers using existing classical machine learning frameworks and libraries with quantum hardware and simulators. This approach differs from existing methods for programming quantum computers, which requires specialized knowledge of quantum algorithms and mathematical techniques.
With the rapid growth in the financial services industry, Agnostiq is using its modular quantum computing platform built on the framework of Xanadu’s open-source software – Pennylane, to solve industry problems and provide solutions to challenges in the financial services sector.
The partnership will foster the implementation of Pennylane at an industrial scale by leading financial institutions. This will improve the acceptability of quantum computing in the financial services sector and also open the floor for more businesses offering financial services to use quantum products and services.