Honeywell has announced the closing of a $300 million equity fundraising for Quantinuum (the world’s leading integrated quantum computing company) at a pre-money valuation of $5 billion. Quantinuum’s strategic partner, JPMorgan Chase, anchored the funding round, with additional participation from Mitsui & Co., Amgen, and Honeywell – which remains the company’s majority shareholder. This funding round brought the total capital raised by Quantinuum since inception to about $625 million.
This capital raise represents Quantinuum’s first equity funding round since Cambridge Quantum Computing and Honeywell Quantum Solutions merged in November 2021. The funds will be used to accelerate the path towards achieving the world’s first universal fault-tolerant quantum computers while also extending Quantinuum’s software offering to enhance commercial applicability.
JPMorgan Chase has been 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. And the 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.”
Quantinuum’s technologies are used today by leading companies such as Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui and Thales. In collaboration, these organizations have been exploring 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. Quantinuum is also at the forefront of developing Quantum Natural Language Processing – which will help enable the next generation of AI to be scalable and fit for purpose.
J.P. Morgan Securities LLC served as the exclusive placement agent to Quantinuum in connection with the funding. And Freshfields Bruckhaus Deringer US acted as external legal counsel. O’Melveny advised Mitsui & Co., Ltd. on its $50 million investment in Quantinuum.
KEY QUOTES:
“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.”
— Lori Beer, Global Chief Information Officer at JPMorgan Chase
“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.”
— Toru Matsui, Chief Digital Information Officer of Mitsui & Co., Ltd.
“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.”
— Rajeeb Hazra, CEO of Quantinuum
“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 commercialize 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.”
— Darius Adamczyk, Executive Chairman of Honeywell and Chairman of the Board of Quantinuum
