IonQ Announces Second Cohort of Research Credit Program to Support Pioneering Trapped Ion Quantum Research

Rhea-AI Summary

IonQ, a leading developer of quantum computing devices, has launched the second cohort of its Research Credits Program, allowing qualified academic teams to access up to $10,000 in credits for developing quantum algorithms. This follows the successful first cohort, highlighting strong interest from institutions such as MIT and the University of Cambridge. The program aims to foster innovation in quantum computing applications, with applications due by November 16, 2021. IonQ's hardware is available via major cloud platforms, emphasizing its position in advancing quantum technology.

Positive

• Launch of second cohort of the Research Credits Program indicating a strong demand from the academic community.
• Participants can access up to $10,000 in credits for quantum computing research, promoting innovation.
• Involvement of prestigious institutions such as MIT and the University of Cambridge enhances credibility and reach.
• IonQ’s hardware is available on multiple cloud platforms, broadening access to its technology.

Negative

• None.

• After a successful first cohort, IonQ Research Credits Program announces second class, with applications due November 16, 2021.
• Program focuses on projects accelerating innovation in quantum computing applications.
• Accepted applicants get access to IonQ’s industry leading hardware, free of charge.
• Current projects span topics from protein folding dynamics to error correction to benchmarking.

COLLEGE PARK, Md.--(BUSINESS WIRE)-- IonQ, Inc. (“IonQ”), a leading developer of quantum computing devices, today announced the launch of the second cohort of the IonQ Research Credits Program to provide teams and individuals from qualified academic institutions with free credits to build novel quantum algorithms on IonQ’s cutting-edge hardware. The opening of the second cohort comes on the tail of overwhelming demand in the first cohort of IonQ’s Research Credits Program this June.

“We are thrilled with the worldwide interest from the academic community to access our state-of-the-art quantum computing hardware,” said Peter Chapman, CEO & President of IonQ. “We made the decision to open a second cohort of the Research Credits Program after seeing the caliber of scientists in the first batch and the promising quantum applications they have already started to deliver using our quantum systems.”

The IonQ Research Credits program offers academics worldwide up to $10,000 in credit for use on IonQ’s trapped ion quantum computers. The first cohort included research teams from all over the world, including institutions like MIT, University College of London, University of Cambridge and University of Southern California, all showing a great interest in IonQ quantum computing.

“We are delighted with the creativity of the projects in our first cohort and with the speed at which labs around the world are engaging with our IonQ team and hardware,” said Dr. Jungsang Kim, Co-founder and CTO of IonQ. “We look forward to continuing these exciting projects and broadening the reach of our Research Credits Program with our second cohort.”

Participants in the Research Credits Program add to the efforts of IonQ's team of dedicated application engineers to optimize their algorithms for IonQ's industry-leading hardware, which helps to accelerate the pace of innovation in quantum algorithms.

The Research Credits Program is open to all graduate students, faculty, and post-doctoral researchers from accredited academic institutions in any country that IonQ or one of its cloud partners (Amazon Web Services, Microsoft Azure, and Google Cloud Platform) serves. The complete call for proposals with eligibility details and other frequently asked questions can be found on IonQ’s website, and interested teams can apply via the program’s application form. Applications will be reviewed on a rolling basis, with the current deadline being Tuesday, November 16th, 2021.

The IonQ Research Credits Program is another step forward in the company’s mission to expand access to quantum computing and catalyze practical applications on top of IonQ’s industry-leading hardware. IonQ’s 11-qubit system is the first and only quantum computer available via the cloud on Amazon Braket, Microsoft Azure, and Google Cloud and its next-generation system is one of the world’s most powerful quantum computers. IonQ is playing a critical role in pulling the quantum computing industry forward. Its plans to develop modular quantum computers small enough to be networked together could pave the way for broad quantum advantage by 2025.

About IonQ, Inc.

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful trapped-ion quantum computer, and IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

About dMY Technology Group, Inc. III

dMY III is a special purpose acquisition company founded by Harry L. You and Niccolo de Masi for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or assets.

Important Information About the Proposed Transaction and Where to Find It

This communication may be deemed solicitation material in respect of the proposed business combination between dMY III and IonQ (the “Business Combination”). The Business Combination has been submitted to the stockholders of dMY III and IonQ for their approval. In connection with the vote of dMY’s stockholders, dMY III Technology Group, Inc. III has filed relevant materials with the SEC, including a registration statement on Form S-4, which includes a proxy statement/prospectus. This communication does not contain all the information that should be considered concerning the proposed Business Combination and the other matters to be voted upon at the annual meeting and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. dMY III’s stockholders and other interested parties are urged to read the definitive proxy statement, dated August 12, 2021 and any other relevant documents that are filed or furnished or will be filed or will be furnished with the SEC carefully and in their entirety in connection with dMY III’s solicitation of proxies for the special meeting to be held to approve the Business Combination and other related matters, as these materials will contain important information about IonQ and dMY III and the proposed Business Combination. On or about August 12, 2021, dMY III mailed the definitive proxy statement/prospectus and a proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. Such stockholders are also be able to obtain copies of these materials, without charge at the SEC’s website at http://www.sec.gov, at the Company’s website at https://www.dmytechnology.com/ or by written request to dMY Technology Group, Inc. III, 11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA 90025.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be made directly in this communication. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of dMY’s securities; (ii) the risk that the transaction may not be completed by dMY’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by dMY; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval of the merger agreement by the stockholders of dMY, the satisfaction of the minimum trust account amount following any redemptions by dMY's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the inability to complete the PIPE transaction; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (vii) the effect of the announcement or pendency of the transaction on IonQ’s business relationships, operating results and business generally; (viii) risks that the proposed transaction disrupts current plans and operations of IonQ; (ix) the outcome of any legal proceedings that may be instituted against IonQ or against dMY related to the merger agreement or the proposed transaction; (x) the ability to maintain the listing of dMY’s securities on a national securities exchange; (xi) changes in the competitive industries in which IonQ operates, variations in operating performance across competitors, changes in laws and regulations affecting IonQ’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xiii) the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic; and (xiv) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and other documents filed by dMY from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and dMY and IonQ assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither dMY nor IonQ gives any assurance that either dMY or IonQ, or the combined company, will achieve its expectations.

No Offer or Solicitation

This communication is for informational purposes only and does not constitute an offer or invitation for the sale or purchase of securities, assets or the business described herein or a commitment to the Company or the IonQ with respect to any of the foregoing, and this communication shall not form the basis of any contract, nor is it a solicitation of any vote, consent, or approval in any jurisdiction pursuant to or in connection with the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Participants in Solicitation

dMY III and IonQ, and their respective directors and executive officers, may be deemed participants in the solicitation of proxies of dMY III’s stockholders in respect of the Business Combination. Information about the directors and executive officers of dMY III is set forth in the Company’s Form dMY III’s filings with the SEC. Information about the directors and executive officers of IonQ and more detailed information regarding the identity of all potential participants, and their direct and indirect interests by security holdings or otherwise, are set forth in the definitive proxy statement/prospectus for the Business Combination. Additional information regarding the identity of all potential participants in the solicitation of proxies to dMY III’s stockholders in connection with the proposed Business Combination and other matters to be voted upon at the special meeting, and their direct and indirect interests, by security holdings or otherwise, are included in the definitive proxy statement/prospectus.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210920005242/en/

IonQ Investor Contact:

Michael Bowen and Ryan Gardella

IonQIR@icrinc.com

IonQ Media Contact:

Katie Pesek

Mission North

ionq@missionnorth.com

dMY III Investor Contact:

Niccolo de Masi

dMY Technology Group, Inc. III

niccolo@dmytechnology.com

310-600-6667

dMY III Media Contact:

ICR Inc.

dmypr@icrinc.com

Source: IonQ, Inc.

FAQ

What is the IonQ Research Credits Program?

The IonQ Research Credits Program provides academic teams access to IonQ's quantum computers for developing algorithms, with credits of up to $10,000.

When is the application deadline for the second cohort of the IonQ Research Credits Program?

Applications for the second cohort are due on November 16, 2021.

Which institutions participated in the first cohort of the IonQ Research Credits Program?

Institutions such as MIT, University College London, University of Cambridge, and University of Southern California participated in the first cohort.

What projects are being developed through the IonQ Research Credits Program?

Projects range from protein folding dynamics to error correction and benchmarking in quantum applications.

What cloud platforms provide access to IonQ's quantum computers?

IonQ's quantum computers are available through Amazon Braket, Microsoft Azure, and Google Cloud.

How does the IonQ Research Credits Program support innovation?

The program supports innovation by providing access to state-of-the-art quantum hardware, enabling researchers to develop novel quantum algorithms.