Quantinuum raises $300M in equity funding | IoT Now News & Reports

Quantinuum raises $300M in equity funding | IoT Now News & Reports

Time Stamp: January 17, 2024 5:05 AM
Source Node: 3066586

Honeywell has announced the closing of a US $300 million equity fundraise for Quantinuum at a pre-money valuation of $5 billion. The round is anchored by Quantinuum’s partner JPMorgan Chase, with additional participation from Mitsui & Co., Amgen and Honeywell, which remains the company’s majority shareholder. This investment brings the total capital raised by Quantinuum since inception to approximately $625 million.

This capital raise represents Quantinuum’s first equity funding round since Cambridge Quantum Computing and Honeywell Quantum Solutions merged in November 2021. The funds will be used to accelerate the path towards achieving the universal fault-tolerant quantum computers, while also extending Quantinuum’s software offering to enhance commercial applicability.

JPMorgan Chase has one of the world’s most highly regarded specialist teams working on quantum technologies within the financial services industry and has been working with Quantinuum and its predecessor companies since 2020. The company was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and is also one of the most active corporate partners that employs Quantinuum’s software development kit, known as “TKET.”

Lori Beer, a global chief information officer at JPMorgan Chase said: “Financial services has been identified as one of the first industries that will benefit from quantum technologies. As such, we have been investing in quantum research and our team of experts – led by Dr. Marco Pistoia – have made groundbreaking discoveries, partnering with quantum computing leaders like Quantinuum. We look forward to continuing to work together to positively impact our businesses, customers and the industry at large.”

Rajeeb Hazra, CEO of Quantinuum added: “The confidence in our business demonstrated through this investment by our longstanding strategic partners and industry leaders is a clear indication of the value we will continue to create with the world’s highest performing quantum computers, groundbreaking middleware to accelerate the developer ecosystem and innovative application software to revolutionise fields like cryptography, computational chemistry, and AI.”

Darius Adamczyk, an executive chairman of Honeywell and chairman of the board of Quantinuum concluded: “The successful completion of this investment round is a testament to Quantinuum’s evolution and maturation in the quantum space. This news signals the extent to which Quantinuum is uniquely positioned to commercialise its innovation and continue their leadership in a rapidly growing market. We look forward to welcoming these partners as investors in Quantinuum, as we all look forward to the tremendous opportunities in the years to come.”

Quantinuum’s technologies are used today by leading companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales. In collaboration, these organisations are exploring how to engineer and scale quantum capabilities to help solve some of world’s most challenging problems – from designing and manufacturing hydrogen cell batteries for transportation, to developing materials to sequester carbon safely from the atmosphere to support the world’s energy transition. Quantinuum is also at the forefront of developing Quantum Natural Language Processing, which will help enable the next generation of AI to be scalable and fit for purpose.

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