QxBranch Team Demonstrates Financial Applications for Australian Prime Minister
Australian Prime Minister Malcolm Turnbull included a visit to QxBranch during his first official visit to Washington, D.C. on Tuesday, 19 January. Stopping by start-up incubator 1776, between a keynote speech at the US Chamber of Commerce and a meeting with President Obama to discuss Australian-US business links, Mr Turnbull was provided with a demonstration of quantum computing applications being built by QxBranch for clients in the financial sector.
Quantum computing is a focus of the Australian government’s recently announced National Innovation and Science Agenda, with $26 million allocated to the development of a quantum computer lead by the University of New South Wales. Mr Turnbull has described quantum computing as “absolutely cutting-edge technology…among the most exciting work being done in computing science anywhere in the world.”
The QxBranch team — a true US / Australian partnership — was on hand to welcome Mr Turnbull, including CEO Michael Brett, Executive Director Dr Ray O. Johnson, Chair Carissa Christensen, Non-Executive Director Shaun Wilson, and Director of Analytics Dr John Kelly.
Brett, who is originally from Australia, talked Mr Turnbull through a demonstration of one of QxBranch’s quantum computing applications. The application powerfully demonstrated the solution to a complex problem with 106 million possible pathways comparing a classical computer versus the simultaneous calculations of a quantum computer. Brett explained how the most transformative and near-future impact for quantum computing will be in a range of advanced data analytics problems, likely in the financial sector.
QxBranch is headquartered in Washington, D.C., with its engineering operations in Adelaide, Australia. Wilson, a co-founder of the company, explained how QxBranch launched as a spin-out of two firms in the aerospace and defence sector, Shoal Group in Australia and Tauri Group in the US, who saw an opportunity to apply advanced data analytics methods in the global market. Christensen noted how distinctive QxBranch as a startup was with its deep roots in these domains and access to capabilities beyond most start-ups.
Following the event, Brett summed up the experience saying, “It is tremendously exciting to have the opportunity to showcase QxBranch’s work to the Prime Minister. He has a strong interest in innovation, and is extremely supportive to start-ups who are connecting Australia with the global marketplace.” Dr Johnson added, “The entire QxBranch team contributed to this event, and we are proud to have been able to highlight our ongoing ties between Australia and the United States.”