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January 19, 2024

Quantinuum Secures $300M Funding to Drive Quantum Computing Breakthroughs

Cambridge's own Quantinuum, a quantum computing trailblazer, reveals the closure of an astounding $300 million

In a quantum leap for the future of computing, Cambridge-based Quantinuum has announced the successful closure of a monumental $300 million funding round. Spearheaded by JPMorgan Chase, with participation from heavyweight investors such as Honeywell, Mitsui & Co., and biotech giant Amgen, this funding marks a pivotal moment for Quantinuum's mission to push the boundaries of quantum computing. The infusion of capital follows the Cambridge Quantum Computing and Honeywell Quantum Solutions merger in November 2021, bringing the total funds raised to an impressive $625 million and valuing the company at $5 billion.

Quantinuum, led by CEO Rajeeb Hazra, is on a mission to fast-track the development of fault-tolerant quantum computers. The funds will not only propel advancements in quantum hardware but also expand the company's software offerings, ushering in new realms of commercial applicability. JPMorgan Chase, a longstanding partner, is not only a key investor but also one of the earliest users of Quantinuum's H-Series quantum processor and actively engages with the company' 's software development kit, TKET.

With a team of over 500 employees, including 370+ scientists and engineers, Quantinuum is at the forefront of scaling quantum capabilities. Collaborating with industry leaders such as Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales, the company explores how quantum solutions can address global challenges. From manufacturing hydrogen cell batteries to developing materials for carbon sequestration, Quantinuum's technologies are driving breakthroughs in diverse fields.

Quantinuum's H-Series, including the latest System Model H2 with 32 qubits, employs ytterbium ions as qubits, demonstrating cutting-edge quantum computing. The H2 utilizes lasers to encode, configure, and extract data from qubits, enabling complex calculations. With a focus on simple yet powerful computing operations, Quantinuum's quantum computers showcase the potential for groundbreaking advancements in cryptography, computational chemistry, and AI.

Lori Beer, Global Chief Information Officer at JPMorgan Chase, recognizes the financial sector's potential for quantum technologies and expresses excitement about the partnership with Quantinuum. Mitsui & Co. is pleased to contribute capital to support Quantinuum's ventures, foreseeing the Quantum Era. CEO Rajeeb Hazra expresses confidence in creating value with the world's highest-performing quantum computers and innovative middleware.

Quantinuum's successful funding round not only signifies its evolution in the quantum space but also positions it uniquely to capitalize on a rapidly growing market. With strategic partners and industry leaders demonstrating unwavering confidence, the company is set to revolutionize quantum computing. As the Quantum Era unfolds, the collaboration with investors and industry giants propels Quantinuum toward groundbreaking discoveries, pushing the boundaries of what's possible in the quantum computing landscape.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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