Quantum: Honeywell Closes $300M Round for Quantinuum

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There are those who still insist quantum computing is a false dream and a fool’s errand, but quantum continues to make incursions into broader validation and wider backing. Example: Quantum computing company Quantinuum, the result of a November 2021 merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, is the recipient of a whopping $300 million in equity funds at a pre-money valuation of $5 billion, according to Honeywell.

The round is anchored by Quantinuum partner JPMorgan Chase, with additional participation from Mitsui & Co., Amgen and Honeywell, the company’s majority shareholder. This investment brings the total capital raised by Quantinuum to approximately $625 million.

It’s been a good month for Quantinuum. Last week, Quantinuum and RIKEN, the research institution and HPC center in Japan, said Quantinuum will provide access to its H1-Series ion-trap quantum computing technology. The deployment will be part of RIKEN’s effort to build a quantum-HPC hybrid platform that will include RIKEN’s Arm-based Fugaku supercomputer, currently ranked no. 4 on the TOP500 list of the world’s most powerful supercomputers.

Regarding the JPMorgan Chase-Quantinuum connection, the two companies have teamed since 2020 working on quantum technologies within the financial services industry. Morgan was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and is also a partner that employs Quantinuum’s software development kit, known as “TKET.”

“Financial services has been identified as one of the first industries that will benefit from quantum technologies,” said JPMorgan Chase Global Chief Information Officer Lori Beer. “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.”

Quantinuum’s technologies are used today by leading companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales.