$300m investment values Quantinuum at $5bn
A $300m investment in quantum computing giant Quantinuum values the company at $5bn ahead of a public offering.
The investment was led by US bank JPMorgan Chase with Mitsui, Amgen and original investor Honeywell, which remains the company’s majority shareholder and technology supplier.
Quantinuum was formed from the combination of Honeywell’s quantum computing hardware and software and algorithms from Cambridge Quantum Computing in November 2021 with $300m backing from Honeywell. This brings the total capital raised by Quantinuum since inception to approximately $625 million.
The funds will be used to accelerate the path towards achieving the world’s first universal fault-tolerant quantum computers, while also extending Quantinuum’s software offering to enhance commercial applicability.
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“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 revolutionize fields like cryptography, computational chemistry, and AI,” said Rajeeb Hazra, CEO of Quantinuum.
JPMorgan Chase has been working with Quantinuum and its predecessor companies since 2020 on quantum technologies in the financial industry and was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and Quantinuum’s TKET software development kit.
“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,” said Lori Beer, Global Chief Information Officer at JPMorgan Chase.
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Toru Matsui, Chief Digital Information Officer of Mitsui & Co., Ltd. said: “We are pleased with our capital contribution to support Quantinuum’s new ventures in fault-tolerant quantum computing and quantum software development, which are ushering in the Quantum Era. Mitsui is committed to teaming to promote the introduction of Quantinuum’s solutions in Japan and the Asia-Pacific markets.”
Quantinuum’s technologies are used by Airbus, BMW Group, Mitsui and Thales as well as Honeywell, HSBC and JPMorgan Chase. 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.