Honeywell backs Quantinuum with $300m
Two of the leading companies in quantum computing have combined to create Quantinuum as a major European company with $300m from Honeywell.
The company is at pains to point out the software and algorithm technology from Cambridge Quantum is platform agnostic manner to provide real-world quantum-enabled solutions for some of the most intractable problems that classical computers have not been able to solve. However Quantinuum is also developing quantum hardware based on trapped-ion technologies developed by Honeywell Quantum Solutions.
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The first product from Quantinuum will be a cybersecurity system next month and will be followed an enterprise software package that applies quantum computing to solve complex scientific problems in materials as well as pharmaceuticals and agrochemicals.
There will also be an upgrade to the Honeywell System Model H1 hardware technologies, which the company says has the highest measured quantum volume. It is also working on technology to reduce errors for the development of a fault-tolerant quantum system.
Honeywell will initially be the largest shareholder of Quantinuum, with an approximately 54 percent ownership stake in the new company. On top of this stake, Honeywell says it has also invested nearly $300m in the new venture.
Honeywell will also be a supplier of Quantinuum, supporting the manufacturing process for the company’s proprietary ion-traps, as well as a customer of Quantinuum on various projects across its business units.
Quantinuum has a staff of almost 400 at inception, with offices in the United Kingdom, United States, Japan, and Germany. Of those employees, approximately 300 are scientists working on the development of quantum hardware and software solutions.
Quantinuum will maintain European headquarters in Cambridge, UK and North American headquarters in Colorado, US. The company says it will continue to be entirely platform agnostic in its choice of hardware.
“Quantinuum is now the largest and most advanced integrated quantum computing company in the world,” said Ilyas Khan, CEO of the new company and founder of Cambridge Quantum. “By uniting the best-in-class quantum software available with the highest performing hardware available, we are uniquely positioned to bring real, quantum computing products and solutions to large, high-growth markets in the near term, the medium term and the longer term as quantum computers scale in capacity and quality. We are science led and enterprise driven, and our scale and global presence in this most critical of technologies will provide leadership in each of the key areas that constitute the ‘must haves’ for quantum computing to deliver real-world solutions to all our customers and partners.”
“I am thrilled to help lead our new company, which will positively change the world through the application of quantum computing. Our scientists continue to work hard to develop the best quantum software and hardware technologies available and I am excited to be able to offer these to customers on an on-going basis,” said Tony Uttley, President and Chief Operating Officer of Quantinuum.
“The next few weeks and months are going to be extremely active for Quantinuum, as we increase the pace in deriving unique value from today’s quantum computers especially in cyber security. However, in addition to cyber security, our products will include solutions for drug discovery and drug delivery, materials science, finance, natural language processing, as well as optimization, pattern recognition and supply chain and logistics management,” he said.
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