It’s a quantum world 🌎
Deeptech Nation: Insights from the Frontiers of What’s Possible
In this episode we’ll cover the latest in quantum development, the marvelous world of AI and some of the movers and shakers in Europe 🇪🇺
AI Discovery: Superbug's Nemesis
The fight against antibiotic-resistant superbugs has found an ally in artificial intelligence. A team from McMaster University and MIT has made a critical breakthrough in antibiotic discovery by identifying a new compound, dubbed "abaucin," which shows efficacy against the deadly superbug, Acinetobacter baumannii. The team used an AI algorithm to screen thousands of antibacterial molecules, transforming the drug discovery process. Preliminary tests with a mouse model are promising, highlighting the pivotal role AI can play in accelerating medical breakthroughs1.
Deep Dive: European Deeptech Startups Making Waves
Volocopter (Munich, Germany): Leading the urban air mobility revolution, Volocopter is committed to transforming city commuting with electric air taxis. Straddling the nexus of deep tech, mobility, and transportation, Volocopter's ambitions reflect a future where air taxis are no longer confined to the realm of science fiction but are a reality of urban life2.
Vesttoo (Tel Aviv-Yafo, Israel): With a foot in both the insurance industry and capital markets, Vesttoo uses AI-powered technology to create insurance-linked assets from low-volatility insurance liabilities. This innovation provides additional capital sources for insurers and access to low-volatility assets for investors, a testament to the disruptive potential of AI in traditional industries3.
Colendi (London, UK): This fintech startup is democratizing access to credit with a novel approach to risk assessment. Leveraging AI algorithms and alternative data types, Colendi offers embedded financial services that challenge the status quo of traditional lending institutions. Its "buy-now-pay-later" model and other integrated financial services are making waves in the fintech sector, serving around 15 million end-users3.
Quantum Update
Exciting advancements are also being made in the realm of quantum technology. The field of Quantum Computing has seen several key developments recently, including quantum error correction and developments in quantum algorithms. Quantum error correction is vital for building reliable quantum computers and recent advancements have brought us closer to this goal. Similarly, quantum algorithms have seen breakthroughs that could potentially lead to quantum computers outperforming classical computers in certain tasks, a milestone known as quantum supremacy.
Hitachi's quantum computer with 128 qubits: Hitachi is developing a quantum computing technology with 128 qubits in a line. The company aims for early commercialization of a quantum computer on a large scale that can potentially solve societal issues.
Signaloid's £3M funding for real-time uncertainty advancements: Cambridge startup Signaloid raised £3M to propel real-time uncertainty advancements.
The decrease in VC investment in Quantum Computing: The sector of quantum computing received a little over $600 million in venture capital in 2022, down from $800 million in 2021. However, there are positive signs for deep tech founders preparing to raise money, as many funds are still sitting on significant amounts of capital
IBM's quantum computer project: IBM announced a $100 million initiative aiming to build a 100,000-qubit quantum computer within 10 years. This project is in collaboration with the University of Tokyo and the University of Chicago. IBM plans to use quantum-centric supercomputing to achieve breakthroughs in fields such as drug discovery, fertilizer production, and battery performance. However, there are many technological hurdles to overcome, including energy efficiency, qubit control, and the development of necessary software
Stay tuned to 'Deeptech Nation' as we continue to go to the frontiers of AI, deeptech, and beyond. We'll keep our finger on the pulse of the innovations shaping our future.