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    Honeywell Raises $300 Million for Quantum Computing Company Quantinuum

    BySam Figg

    Jan 20, 2024
    Honeywell Raises $300 Million for Quantum Computing Company Quantinuum

    Honeywell, a leading technology company, has successfully closed a $300 million equity fundraising round for Quantinuum, an integrated quantum computing company, with a pre-money valuation of $5 billion. The investment, led by JPMorgan Chase, includes participation from Mitsui & Co., Amgen, and Honeywell, the majority shareholder of Quantinuum.

    This funding round marks Quantinuum’s first equity funding since its merger with Cambridge Quantum Computing and Honeywell Quantum Solutions in November 2021. With this capital infusion, Quantinuum aims to accelerate the development of the world’s first universal fault-tolerant quantum computers and expand its software offerings to enhance commercial applicability.

    JPMorgan Chase, a strategic partner of Quantinuum since 2020, boasts one of the most highly regarded quantum technology teams in the financial services industry. The company has been actively working with Quantinuum, utilizing its H-Series quantum processor and software development kit, known as “TKET,” to explore the potential of quantum technologies.

    Lori Beer, Global Chief Information Officer at JPMorgan Chase, recognizes the significant impact quantum technologies can have on the financial services industry. She emphasizes their commitment to quantum research and the collaboration with Quantinuum to drive innovation and benefit their businesses, customers, and the industry at large.

    Similarly, Mitsui & Co., Ltd., another investor in Quantinuum, is enthusiastic about supporting the company’s ventures in fault-tolerant quantum computing and quantum software development. They recognize the potential of these technologies in ushering in the Quantum Era and are committed to promoting their adoption in Japan and the Asia-Pacific markets.

    Rajeeb Hazra, CEO of Quantinuum, expresses his gratitude for the confidence shown by their strategic partners and industry leaders through this investment. He believes it is a testament to the value they will continue to create with their cutting-edge quantum computers, middleware, and application software in fields like cryptography, computational chemistry, and AI.

    Darius Adamczyk, Executive Chairman of Honeywell and Chairman of the Board of Quantinuum, highlights the successful completion of this investment round as a testament to Quantinuum’s evolution and maturity in the quantum space. He emphasizes Quantinuum’s unique position to commercialize its innovations and maintain its leadership in the rapidly growing quantum market.

    Quantinuum’s technologies are already being utilized by leading companies such as Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales. Together, they are exploring ways to leverage quantum capabilities to address some of the world’s most pressing challenges, from designing sustainable transportation solutions to developing materials for carbon sequestration.

    J.P. Morgan Securities LLC acted as the exclusive placement agent for Quantinuum in this financing round, with Freshfields Bruckhaus Deringer US serving as their external legal counsel. With this significant investment, Quantinuum is poised to further advance the field of quantum computing and make groundbreaking contributions across various industries.

    Frequently Asked Questions (FAQ) about Quantinuum’s Equity Fundraising Round

    1. What is the recent news regarding Quantinuum’s equity fundraising round?
    Quantinuum, an integrated quantum computing company, has successfully closed a $300 million equity fundraising round with a valuation of $5 billion. The funding round was led by JPMorgan Chase, with participation from Mitsui & Co., Amgen, and Honeywell.

    2. What is the purpose of this funding round?
    The funding round aims to accelerate the development of the world’s first universal fault-tolerant quantum computers by Quantinuum. It also intends to expand their software offerings to enhance commercial applicability.

    3. Who are some of the strategic partners and investors in Quantinuum?
    JPMorgan Chase, a strategic partner of Quantinuum since 2020, leads the investment round. Mitsui & Co., Ltd. is another prominent investor supporting Quantinuum’s ventures. Honeywell, the majority shareholder of Quantinuum, also participated in the fundraising.

    4. How is JPMorgan Chase involved in quantum technologies?
    JPMorgan Chase boasts one of the most highly regarded quantum technology teams in the financial services industry. They have been actively working with Quantinuum, utilizing their H-Series quantum processor and software development kit to explore the potential of quantum technologies.

    5. What is the perspective of JPMorgan Chase’s Global Chief Information Officer on quantum technologies?
    Lori Beer, Global Chief Information Officer at JPMorgan Chase, recognizes the significant impact of quantum technologies on the financial services industry. She emphasizes the commitment of JPMorgan Chase to quantum research and collaboration with Quantinuum to drive innovation and benefit their businesses, customers, and the industry at large.

    6. What is the perspective of Mitsui & Co. on quantum technologies?
    Mitsui & Co., Ltd., is enthusiastic about supporting Quantinuum’s ventures in fault-tolerant quantum computing and quantum software development. They believe in the potential of these technologies in ushering in the Quantum Era and are committed to promoting their adoption in Japan and the Asia-Pacific markets.

    7. What is the role of Honeywell in the fundraising round?
    Honeywell, the majority shareholder of Quantinuum, participated in the funding round. Darius Adamczyk, Executive Chairman of Honeywell and Chairman of the Board of Quantinuum, highlights the completion of this investment round as a testament to Quantinuum’s evolution and maturity in the quantum space.

    8. What industries and companies are already utilizing Quantinuum’s technologies?
    Leading companies such as Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales are already utilizing Quantinuum’s technologies. They are exploring the potential of quantum capabilities to address challenges in fields such as sustainable transportation solutions, cryptography, computational chemistry, and AI.

    9. Who acted as the placement agent and legal counsel for Quantinuum in this financing round?
    J.P. Morgan Securities LLC served as the exclusive placement agent for Quantinuum in this financing round. Freshfields Bruckhaus Deringer US provided their external legal counsel.

    For more information about Quantum Computing, visit the official website of Quantinuum: Quantinuum