News
Saudi Researchers Use Quantum Computing To Design More Efficient Airplanes
To build its quantum expertise, KAUST has partnered with Zapata Computing, a quantum software company based in Boston, Massachusetts.
It’s estimated that air travel produces roughly two percent of all greenhouse gas emissions. That alone is a good enough reason to explore innovative designs and create more efficient airplanes, but there’s also the fact that airlines operate on very slim margins, so every bit of fuel they manage to save can go a long way in helping them make more profit.
While computers have been helping engineers and designers optimize the aerodynamic properties of airplanes for decades, researchers at King Abdullah University of Science and Technology (KAUST) are the first to explore the absolute cutting edge of what is currently possible in science and engineering by using quantum computing.
Unlike regular computers, which can, at the most fundamental level, represent only two states using transistors (0 = off, 1 = on), quantum computers can be in a 1 or 0 quantum state, or in a superposition of the 1 and 0 state, which essentially means that they can be on and off at the same time. This allows them to represent all possible system states simultaneously, massively speeding up certain specialized computations.
To build its quantum expertise, KAUST has partnered with Zapata Computing, a quantum software company based in Boston, Massachusetts. Zapata will provide its Orquestra toolset, which promises to greatly simplify the process of conducting research in quantum computing.
Also Read: Turkish Healthcare Startup Uses Nanotech To Destroy Tumors
“Quantum computing is still very novel, but it’s going to be a truly disruptive technology that will provide enormous cross-industry opportunities,” said Matteo Parsani, Assistant Professor of Applied Mathematics and Computational Science at KAUST. “Building a knowledge base of quantum expertise at KAUST in the interdisciplinary field of computational fluid dynamics can only be a good thing both for the university and for the Kingdom.”
The potential of quantum computing to accelerate progress the same way traditional computers have is truly immense, but the technology is still in its infancy, and it may take researchers some time to produce useful results. Hopefully, the team at KAUST will be able to design more efficient airplanes taking us further in a cleaner fashion.
News
Paymob Extends Series B Funding To $72M Amid Continued Growth
The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.
Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.
The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.
This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.
Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.
Also Read: Zoho Expands Qatar Operations & Releases New Survey Data
The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.
Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.