MUFG Bank and Groovenauts, Inc. (Groovenauts) today announced that they have entered into a capital and business alliance to utilize AI and quantum technologies, and MUFG Bank has acquired approximately 18% of Groovenauts’ outstanding shares. As a result, Groovenauts will become an equity-method affiliate of MUFG Bank.
Groovenauts is a software company with expertise in utilizing AI and quantum technologies. Based on its proprietary advanced technologies in areas including AI and quantum technology, Groovenauts develops and provides IT services to support digital transformation (DX) in the private sector and municipal governments. MAGELLAN BLOCKS, Groovenauts’ flagship SaaS software, incorporates cutting-edge technologies and advanced mathematical models, including world-leading use of quantum annealing.
Through this alliance, MUFG Bank and Groovenauts will promote the Bank’s digital transformation and strengthen the development of digital human resources, as well as collaborate in a variety of fields, including enhancing risk management in areas such as credit and market portfolios that link to optimization of asset liability management (ALM), refining analysis of reputation and operational risk, and improving administrative and operational efficiency.
We will also promote the application of Groovenauts’ quantum technology to the financial sector and aim to contribute to the development of the financial industry by extending solutions implemented through demonstration and use of advanced technologies to other financial institutions.
While aggressively adopting new technologies, MUFG Bank and Groovenauts are committed to undertaking innovation, including promoting advanced digitization and providing valueadded financial services.