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Honeywell’s Quantum Bet: $300 Million Funding Fuels Quantinuum’s Expansion

Quantinuum, a leader in quantum computing, has announced a $300 million fundraising round, spearheaded by Honeywell, to fuel its next phase of growth and innovation in the quantum field

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Honeywell has successfully completed a $300 million equity fundraising round for Quantinuum, a company specializing in quantum computing. This recent funding is part of Honeywell’s broader initiative, having raised a total of $5 billion for Quantinuum since its inception. Quantinuum was established in 2021, following the merger of UK-based Cambridge Quantum Computing with Honeywell’s Quantum Solutions division. Honeywell retains a 54% share in the merged entity. The specifics of IBM’s investment in Quantinuum, if any, are not detailed in this context.

Quantinuum stands as a leading integrated quantum business globally, spearheading the development of robust quantum computers and advanced software. The company is advancing in areas such as quantum AI, cybersecurity, and materials discovery, leveraging its state-of-the-art technology. With a dedicated team of around 500 professionals, including over 370 scientists and engineers, Quantinuum is at the forefront of the quantum computing revolution.

Since its foundation three years ago, Quantinuum has secured a total of $625 million in fundraising. The latest $300 million funding round, which saw participation from Mitsui & Co., Amgen, and Honeywell, along with strategic partner JPMorgan Chase, marks the company’s first equity raise post-merger. These funds are earmarked for enhancing software and commercial applications, as well as advancing the development of universal fault-tolerant quantum computers.

Quantinuum Secures Investment for Quantum Advancements

Quantinuum’s CEO, Rajeeb Hazra, highlighted the confidence that this investment reflects from industry leaders and strategic partners. The investment will focus on developing middleware to accelerate the developer community, constructing high-performance quantum computers, and creating advanced application software for sectors like AI, computational chemistry, and cryptography.

Currently, Quantinuum offers its System Model H1-1, and plans to release the H1-2, an ion trap quantum computing system, in May 2023. The H1 model features twenty fully connected qubits across five Quantum Charged Coupled Device (QCCD) zones, whereas the upcoming H2 model is expected to offer 32 qubits with all-to-all connectivity.

Earlier in January, Quantinuum marked its first on-premise system deployment, signing a contract to supply an H1-Series quantum computer to the Japanese research institute Riken.

Numerous companies, including Airbus, BMW Group, Honeywell, HSBC, and JPMorgan Chase, are exploring Quantinuum’s solutions to tackle complex challenges, such as the development and manufacturing of hydrogen cell batteries for transportation.

Lori Beer, Global Chief Information Officer at JPMorgan Chase, commented on the potential impact of quantum technologies, particularly in financial services.

Darius Adamczyk, Chairman of the Board of Quantinuum and Executive Chairman of Honeywell, expressed pride in the successful investment round, underscoring its significance for Quantinuum’s position in the rapidly evolving quantum industry. He emphasized the company’s continued leadership and commercialization of its technologies and looked forward to embracing the new partners as investors.

According to Honeywell, the majority stakeholder in Quantinuum, the recent fundraising will support the creation of fault-tolerant quantum computers and enhance Quantinuum’s software portfolio.

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