Quantinuum, a quantum computing company, has secured $300 million in equity funds at a pre-money valuation of $5 billion, with JPMorgan Chase leading the investment, propelling the H-Series and its industry-leading two-qubit gate fidelity into the forefront of quantum technologies.
Quantinuum, a company born from the 2021 merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, reached a pre-money valuation of $5 billion.
The investment also saw participation from Mitsui & Co., Amgen, and Honeywell, Quantinuum’s majority shareholder, bringing the total capital raised by the company to an impressive $625 million.
Quantinuum’s Quantum Leap
Quantinuum, a leader in quantum computing, recently closed a funding round showcasing increased support and backing for quantum technologies. “Financial services are one of the first industries to benefit from quantum technologies,” said JPMorgan Chase Global Chief Information Officer Lori Beer.
The company, formed by merging Honeywell’s quantum computing unit and CQC Ltd., specializes in developing a family of quantum computers known as the H-Series. The latest addition to this lineup, the System Model H2, boasts 32 qubits and utilizes a trapped-ion design based on ytterbium ions.
The $300 million funding round, anchored by JPMorgan Chase, underscores the growing recognition and confidence in Quantinuum’s quantum computing capabilities.
JPMorgan Chase has collaborated with Quantinuum since 2020 to explore quantum technologies within the financial services industry. The bank has been an early adopter of Quantinuum’s H-Series quantum processor, showcasing its commitment to innovation.
Advanced Quantum Technologies
Quantinuum’s H2 quantum computer utilizes lasers to encode data into qubits and configure them for calculations. The machine’s unique design, having a refrigerated container with four interaction zones, enables the execution of complex calculations.
One notable feature is the H2’s industry-leading two-qubit gate fidelity, a crucial metric for measuring the reliability of quantum computers in performing calculations, addressing the inherent error-prone nature of qubit implementations.
Diverse Applications and Clientele
Quantinuum’s quantum technologies find applications in various industries, with leading companies such as Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales incorporating their solutions.
“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 impact our businesses, customers and the industry positively,” said Lori Beer.
The company offers a suite of software products, including InQuanto for chemistry research and Quantum Origin to enhance encryption essential security for enterprises.
Strategic Investment for Future Growth
The $300 million investment will fuel Quantinuum’s ongoing quantum hardware development efforts. Additionally, the company plans to allocate some funding to enhance its software portfolio, focusing on improving commercial applicability. Quantinuum CEO Rajeeb Hazra expressed confidence in the business and its future value creation.
The investment comes on the heels of a collaboration between Quantinuum and RIKEN, a Japanese research institution and HPC center, to integrate Quantinuum’s H1-Series ion-trap quantum computing technology into RIKEN’s quantum-HPC hybrid platform.
This collaboration further solidifies Quantinuum’s position as a critical player in the global quantum computing landscape.
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