Rigetti Computing awarded U.K. grant to enhance quantum machine learning

Rigetti UK Limited, a wholly owned subsidiary of Rigetti Computing, announced that it was awarded an Innovate UK grant as part of the Feasibility Studies in Quantum Computing Applications competition. Joining Rigetti in this work is HSBC, the Quantum Software Lab based at the University of Edinburgh, and the National Quantum Computing Centre. Together, the consortium aims to enhance existing anti-money laundering techniques by using quantum machine learning techniques with the goal of improving the performance of current-state-of-the-art machine learning algorithms. “Achieving nQA is the next inflection point for our industry,” said Dr. Subodh Kulkarni, Rigetti Chief Executive Officer. “Tackling a real-world problem like money laundering with quantum computing would advance our ability to offer financial customers quantum machine learning solutions that could provide a competitive advantage, and in turn accelerate the development of our hardware and software capabilities.” In addition to leveraging Rigetti QPUs and quantum software, the consortium will also benefit from HSBC’s deep domain knowledge, benchmarks and classical and quantum machine learning for anomaly detection expertise, with the University of Edinburgh’s quantum algorithm expertise, and the National Quantum Computing Centre’s extensive network of quantum computing opportunities and resources. In addition to improving anti-money laundering methods, the consortium aims to substantially strengthen the UK quantum ecosystem and the UK’s global position as a leader in the quantum computing sector.