Meet MemComputing and CEO John Beane
Thursday, June 30, 2022
12:00 pm - 1:00 pm
About the Event
MemComputing is a new computing architecture developed at UC San Diego by two Ph.D. Physicists Dr. Fabio Traversa & Dr. Max Di Ventra. They were inspired by the human brain, where our synapses perform both processing and memory. The current standard for computing relies on a separate processor (CPU) and Memory (RAM). MemComputing combines both processing and memory such that an entire problem and all related data are consumed, and a solution is determined in a single computing cycle.
MemComputing, Inc. was spun out of UC San Diego to commercialize this technology. In 2019, MemComputing released its cloud-based Virtual MemComputing Machine (VMM). The VMM solves combinatorial optimization problems once intractable (requiring years of computation). Combinatorial optimization problems are common for routing, scheduling, and analytics; whereas the number of inputs and constraints grow sequentially, the potential permutations grow exponentially.
Since 2019, MemComputing, Inc. has been applying this technology with Fortune 100 companies in the Transportation Logistics and Oil, Gas & Energy markets, along with the Department of Defense. The speaker will review the technology and a number of the case studies where MemComputing delivered optimal or near-optimal solutions in minutes showing efficiencies leading to an annual cost avoidance of $10s of millions of dollars per problem.
About the Speaker
John Beane is the Chief Executive Officer of MemComputing, Inc. In 2016 John co-founded the company with the inventors Dr. Fabio Traversa and Dr. Max Di Ventra. John is no novice when it comes to startups, his career spans seven startups, three of which John cofounded. Previous companies have returned approximately $1.5B on acquisition.
Before starting MemComputing, John was a co-founder at ecoATM. ecoATM was acquired by Outerwall (Coinstar & Redbox) in 2013 for $350 million. ecoATM is an automated self-service kiosk where consumers can trade in their old cell phones for cash on the spot. There are over 3,000 ecoATMs in the US and Europe. After ecoATM, John was invited by UC San Diego to serve as an Entrepreneur in Residence. There he worked with students, faculty, and staff to review and advise them on their IP and related business ideas. While serving in this role, John met the MemComputing inventors, and together they decided to spin out the technology and have been working to commercialize it ever since.