Image Source: BBVA OpenMinded
“It’s not a need for today or tomorrow; it’s a need for the day after tomorrow,” Srikanth Velamakanni, co-founder, Group CEO, and vice-chairman, told ET. “However, in order to be ready for the day after tomorrow, you must invest today, which is the approach Fractal has taken.”
He stated that the company is investigating a variety of use cases in various fields. Some of these are in healthcare, where the use of quantum computing in protein folding is expected to accelerate research into diseases such as cancer, find new drugs, and pioneer new treatment regimes. Another industry where quantum computing is expected to solve problems such as asset pricing, dynamic portfolio optimization, and risk management is finance. Furthermore, supply chain and logistics present enormous opportunities.
As part of its vision to establish a world-class Quantum Computing Centre of Excellence, Fractal is also collaborating with AWS to drive the development of quantum computing use cases for its clients (CoE). The Quantum Computing CoE will be responsible for carrying out Fractal’s goal of inventing on behalf of its clients.
They are very interested in how we can help Fractal leverage, improve, and accelerate the research part of it, but then how do they get into the insights generation, discovery part of it, bringing the performance of their existing solutions to a whole new level, or even solve problem statements that have previously been unsolved and cannot be solved on a regular classical computer? Healthcare, finance, logistics, and raw material optimization are just a few examples. These are the areas in which they are very excited to collaborate with Fractal.
According to the company, Fractal, an AWS Advanced Consulting Partner, will use Amazon Braket to help leverage, improve, and accelerate research, discovery, and insights generation, taking their performance to a whole new level.
Image Source: The Sociable
Fractal announced last week that it had raised $360 million in a new round from TPG Capital Asia. The transaction is expected to close in the first quarter of 2022, and the investment will accelerate the company’s ability to scale and meet rising demand globally.
According to Velamakanni, the company works with seven of the top ten consumer goods companies. In addition, Fractal serves nearly three of the top five tech companies, as well as a few of the big tech companies and the top five banks in the world. The most important industries are financial services, insurance, and healthcare. The company’s primary markets are the United States, Europe, and Australia.