American quantum computing company Quantinuum has raised $300m in an equity funding round at a pre-money valuation of $5bn.
JPMorgan Chase led the round, which saw additional contributions from Mitsui & Co., Amgen, and Honeywell.
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Quantinuum was formed with the merger of Cambridge Quantum Computing and Honeywell Quantum Solutions in November 2021.
This investment marks Quantinuum’s first equity funding since the merger.
Honeywell said the new funding will propel Quantinuum towards its goal of creating the world’s first universal fault-tolerant quantum computers.
It will also expand the company’s software capabilities to increase commercial viability.
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By GlobalDataThe total capital raised by Quantinuum now stands at approximately $625m.
Quantinuum CEO Rajeeb Hazra said: “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.”
JPMorgan Chase has collaborated with Quantinuum and its predecessor firms since 2020.
Quantinuum’s H-Series quantum processor has been an experimental tool for JPMorgan Chase, which also utilises Quantinuum’s software development kit, TKET.
Besides the banking major, the company’s technologies are currently employed by industry giants such as Airbus, BMW Group, Honeywell, HSBC, Mitsui and Thales.
These collaborations are focused on leveraging quantum capabilities to address complex global challenges, including the development of hydrogen cell batteries for transportation, and materials to capture carbon from the atmosphere, aiding in the energy transition.
Furthermore, Quantinuum is pioneering Quantum Natural Language Processing to enhance the scalability and functionality of future artificial intelligence (AI) systems.
JPMorgan Chase global chief information officer Lori Beer 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.”
In July 2023, Honeywell reached an agreement to acquire SCADAfence, an Israeli cybersecurity company.
