Just the TCKT as Quantinuum’s $300m raise values quantum company at $5bn
The closure of a $300million fundraise for Cambridge-based quantum computing company Quantinuum is a triumph for the Hills Road company and for Honeywell, which remains the company’s majority shareholder.
The new equity values Quantinuum, which is developing fault-tolerant quantum computing and quantum software development, at $5billion, and brings the total capital raised by Quantinuum since its inception to $625m.
Though Quantinuum is a stand-alone company, Honeywell is initially the largest shareholder with an approximately 54 per cent ownership stake of the new entity.
The round is anchored by Quantinuum’s strategic partner JPMorgan Chase, with additional participation from Mitsui & Co, Amgen and Honeywell.
JPMorgan Chase has one of the world’s most highly regarded specialist teams working on quantum technologies within the financial services industry and has been working with Quantinuum and its predecessor companies since 2020.
The multinational financial services 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 employs Quantinuum’s software development kit, known as ‘TKET’.
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.”
Terrington House-based Quantinuum is also at the forefront of developing quantum natural language processing (NLP), which will help enable the next generation of AI to be scalable and fit for purpose.
Its technologies are used by companies including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales. In collaboration, these organisations are exploring how to engineer and scale quantum capabilities to help solve some of the world’s most challenging problems – from designing and manufacturing hydrogen cell batteries for transportation, to developing materials to sequester carbon safely from the atmosphere to support the world’s energy transition.
Rajeeb Hazra, CEO of Quantinuum, 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 revolutionise 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 commercialise 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.”
