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London Tech Week

Quantum computing push: UK unicorn Quantinuum snaps $300M at $5B valuation

Quantinuum
Picture credits: Quantinuum

Cambridge-based Quantinuum, a quantum computing company announced that it has closed $300 million in funding. JPMorgan Chase (backed Tabby and Treefera) led the investment alongside participation from Honeywell, Tokyo-based industrial giant Mitsui & Co., and biotechnology company Amgen. 

This capital raise represents Quantinuum’s first equity funding round since Cambridge Quantum Computing and Honeywell Quantum Solutions merged in November 2021. With this, the total funding raised by Quantinuum accounts for $625 million. The investment closed at a pre-money valuation of $5 billion.  

The company intends to use the funds to accelerate the path towards achieving universal fault-tolerant quantum computers, while also extending its software offering to enhance commercial applicability.

Notably, JPMorgan Chase 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 called TKET.

Scaling quantum computing tech

Led by CEO Rajeeb Hazra, Quantinuum was formed out of a merger between UK-based Cambridge Quantum Computing and US-based Honeywell Quantum Solutions in 2021. The integrated quantum company advances quantum computers and advanced software solutions, driving breakthroughs in materials discovery, cybersecurity, and next-gen quantum AI. 

Its technologies are used today by leading companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales. The company has almost 500 employees, including 370+ scientists and engineers. 

In collaboration with Quantinuum, these organisations explore how to engineer and scale quantum capabilities to help solve some of 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.

Next-gen quantum computers

Quantinuum offers a family of quantum computers known as the H-Series with the latest being the System Model H2, which was launched last year with 32 qubits. Quantinuum’s computers use ytterbium ions or charged atoms as qubits. The H2 leverages lasers to encode data into those qubits, configure them to carry out calculations and extract the results. 

To carry out calculations, the H2 uses its built-in lasers to move multiple qubits into the same interaction zone and link them together. The linked qubits function as a gate, a type of basic circuit capable of carrying out simple computing operations. 

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 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.”

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