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Exclusive: $300M round values Honeywell quantum computing arm at $5B
Jan 16, 2024
(Photo Illustration by Idrees Abbas/SOPA Images/LightRocket via Getty Images)
Honeywell's quantum computing arm, Quantinuum, raised $300 million in funding in a round led by JPMorgan, Honeywell tells Axios exclusively.
Why it matters: JPMorgan has a specialist team that's been working with Quantinuum and its predecessors since 2020.
- The bank was an early user of a Quantinuum H-Series processor and currently uses the company's software development kit known as "TKET."
- "Financial services has been identified as one of the first industries that will benefit from quantum technologies," says Lori Beer, JPMorgan's global chief information officer.
- Companies that use Quantinuum's tech include HSBC, Airbus, and BMW. Quantinuum is also developing natural language AI.
Driving the news: Mitsui & Co., Honeywell and one additional investor also participated in the round that put a pre-money valuation on the business of $5 billion, the company says.
- Quantinuum has now raised $625 million since inception.
- Honeywell and other investors who previously invested in Quantinuum have exchanged their convertible instruments for the same class of preferred stock raised in this fundraising round, the company says.
Catch up quick: Quantum computing uses the laws of quantum mechanics to solve problems too complex for standard computers.
- Honeywell, the $133 billion U.S. manufacturer, merged its quantum computing arm with Cambridge Quantum Computing in 2021.
- The company says the $300 million round will go toward speeding up the making of what it calls the world's first, universal fault-tolerant quantum computers. The round will also go toward commercializing its software.
