Honeywell has announced the closing of a $300 million equity fundraising for Quantinuum, a leading quantum computing company, at a pre-money valuation of $5 billion. The investment round was led by JPMorgan Chase, with additional participation from Mitsui & Co., Amgen, and Honeywell, which remains the company’s majority shareholder. This brings the total capital raised by Quantinuum to approximately $625 million.
The funds will be used to accelerate the development of universal fault-tolerant quantum computers and to extend Quantinuum’s software offering to enhance commercial applicability.
Quantinuum’s technologies are used by companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales. These organizations are exploring how to engineer and scale quantum capabilities. 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. JPMorgan Chase has been working with Quantinuum and its predecessor companies since 2020 and is one of the most active corporate partners that employs Quantinuum’s software development kit, known as “TKET.”
Honeywell Announces $300 Million Equity Investment for Quantinuum
Honeywell International Inc. has announced the closing of a $300 million equity fundraise for Quantinuum, a quantum computing company, at a pre-money valuation of $5 billion. The investment round was led by JPMorgan Chase, with additional participation from Mitsui & Co., Amgen, and Honeywell, which remains the majority shareholder of Quantinuum. This investment brings the total capital raised by Quantinuum since its inception to approximately $625 million.
Quantinuum’s First Equity Funding Round Since Merger
This capital raise represents Quantinuum’s first equity funding round since Cambridge Quantum Computing and Honeywell Quantum Solutions merged in November 2021. 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.
JPMorgan Chase has a specialist team working on quantum technologies within the financial services industry and has been working with Quantinuum and its predecessor companies since 2020. The company was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and is also one of the most active corporate partners that employ Quantinuum’s software development kit, known as “TKET.”
Lori Beer, Global Chief Information Officer at JPMorgan Chase, expressed her excitement about the potential benefits of quantum technologies in the financial services industry. Toru Matsui, Chief Digital Information Officer of Mitsui & Co., Ltd., expressed his company’s commitment to promoting the introduction of Quantinuum’s solutions in Japan and the Asia-Pacific markets. Rajeeb Hazra, CEO of Quantinuum, and Darius Adamczyk, Executive Chairman of Honeywell and Chairman of the Board of Quantinuum, both expressed confidence in Quantinuum’s future growth and innovation.
Quantinuum’s Technologies and Partnerships
Quantinuum’s technologies are used today by leading companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales. These organizations are exploring how to engineer and scale quantum capabilities to help solve some of the world’s most challenging problems. 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.
About Honeywell and Quantinuum
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Quantinuum, the world’s largest integrated quantum company, pioneers powerful quantum computers and advanced software solutions. Quantinuum’s technology drives breakthroughs in materials discovery, cybersecurity, and next-gen quantum AI.
Lori Beer, Global Chief Information Officer at JPMorgan Chase said: “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.”
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.”
Rajeeb Hazra, CEO of Quantinuum added: “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.”
Darius Adamczyk, Executive Chairman of Honeywell and Chairman of the Board of Quantinuum concluded: “The successful completion of this investment round is a testament to Quantinuum’s evolution and maturation in the quantum space. Today’s news signals the extent to which Quantinuum is uniquely positioned to commercialize its innovation and continue their leadership in a rapidly growing market. We look forward to welcoming these partners as investors in Quantinuum, as we all look forward to the tremendous opportunities in the years to come.”
Summary
Quantinuum, a leading quantum computing company, has secured $300 million in an equity funding round, raising its total capital to approximately $625 million. The funds will be used to expedite the development of the world’s first universal fault-tolerant quantum computers and expand its software offerings to enhance commercial applicability.
- Honeywell has announced the closing of a $300 million equity investment round for Quantinuum, a leading quantum computing company, at a pre-money valuation of $5 billion.
- The investment round was led by JPMorgan Chase, with additional participation from Mitsui & Co., Amgen and Honeywell, which remains the majority shareholder.
- This brings the total capital raised by Quantinuum to approximately $625 million.
- The funds will be used to accelerate the development of the world’s first universal fault-tolerant quantum computers and to extend Quantinuum’s software offering.
- JPMorgan Chase, one of Quantinuum’s strategic partners, has a highly regarded team working on quantum technologies within the financial services industry.
- Lori Beer, Global Chief Information Officer at JPMorgan Chase, and Toru Matsui, Chief Digital Information Officer of Mitsui & Co., expressed their support for Quantinuum’s ventures in quantum computing and software development.
- Rajeeb Hazra, CEO of Quantinuum, and Darius Adamczyk, Executive Chairman of Honeywell, highlighted the confidence shown in Quantinuum through this investment.
- Quantinuum’s technologies are used by leading companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales, to help solve challenging problems such as designing hydrogen cell batteries for transportation and developing materials to sequester carbon from the atmosphere.