QTFT, a Thai quantum startup, has received a 30 million baht (~1M USD) seed-round funding.
Quantum Technology Foundation (Thailand), or QTFT, a regional consulting firm and a software house for quantum technology, has announced 30 million baht seed round, reflecting the emergence of the quantum industry in Thailand, in accordance with the fast-growing global investment in quantum technology.
QTFT offers B2B business services that help clients prepare for the incoming quantum era. It provides quantum optimization software, which runs on hybrid digital-quantum hardware to address combinatorial optimization problems in the areas of finance, energy, manufacturing, and logistics. It presently employs a group of Ph.D. researchers from top universities such as Cambridge, Harvard, MIT, Berkeley, and Caltech.
“The funds raised in this round will be used to expand QTFT’s research team and develop SOR, our quantum optimization engine for advanced prescriptive data analytics. We will focus on SOR’s features that complement existing quantum software in the market,particularly in real-time optimization, which is generally difficult to do with digital technology. Applications include portfolio optimization, flight scheduling optimization, production planning, and smart grid optimization”
In 2021, QTFT collaborated with KASIKORNBANK and KBTG to develop quantum algorithms to improve loan collection, while minimizing loan loss provisions. The work is now published on arXiv and will be presented at the APS March Meeting 2022.
On December 2021, QTFT announced a partnership with Fujitsu (Thailand) to bring Fujitsu’s quantum-inspired technology, Digital Annealer, to Thailand for the first time to provide combinatorial optimization solutions, along with QTFT’s specialized software.
To build quantum workforce, QTFT has collaborated with prominent national institutions and research organizations in Thailand, such as Thailand Center of Excellence in Physics,Suranaree University of Technology and Institute for Fundamental Study. The collaboration involves co-creating university courses along with research and internship activities.
