Cambridge Quantum Computing (CQ) in the UK is to merge with Honeywell Quantum Solutions to create the world’s largest quantum business with a staff of 300.
Upon completion in Q3, Honeywell will own a majority stake of the as yet unnamed company, expected to be headquartered in the US. The move is part of the positioning for a quantum computing industry projected to be worth $1 trillion.
The new company will offer a 512 qubit ion trap H1 quantum computer system and a full suite of quantum software from CQ, including the first and most advanced quantum operating system. However the software business will remain hardware agnostic and continue to be fully compatible with all global quantum hardware providers. The Cambridge Quantum software and algorithm development team in Cambridge, UK will also be expanded.
The company will also focus on the advancement of natural language processing to expand the use of quantum artificial intelligence.
Honeywell will also invest $270m to $300m in the merged company and will have a long-term agreement to help manufacture the critical ion traps needed to power the quantum hardware.
The deal is expected to be complete in the third quarter of 2021.
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Honeywell Chairman and Chief Executive Officer Darius Adamczyk will serve as chairman of the new company, which will be led by Ilyas Khan, CEO and founder of CQC. Tony Uttley, currently the president of HQS, will serve as the new company's president. Honeywell has been an investor in and commercial partner with CQC since 2019.
Next: Quantum computing on the Honeywell H1