JPMorgan Chase, Mitsui, Amgen and Honeywell
make investment to support Quantinuum's growth and
innovation
CHARLOTTE, N.C., Jan. 16,
2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) today
announced the closing of a $300
million equity fundraise for Quantinuum, the world's leading
integrated quantum computing company, at a pre-money valuation of
$5 billion. The round is anchored by
Quantinuum's strategic partner JPMorgan Chase, with additional
participation from Mitsui & Co., Amgen and Honeywell, which
remains the company's majority shareholder. This investment brings
the total capital raised by Quantinuum since inception to
approximately $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 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. 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."
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 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."
Quantinuum's technologies are used today by leading companies,
including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase,
Mitsui and Thales. In collaboration, these organizations are
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 exclusive placement agent
to Quantinuum in connection with the financing. Freshfields
Bruckhaus Deringer US acted as external legal counsel.
About Honeywell
Honeywell is an integrated operating
company serving a broad range of industries and geographies around
the world. Our business is aligned with three powerful megatrends –
automation, the future of aviation and energy transition –
underpinned by our Honeywell Accelerator operating system and
Honeywell Connected Enterprise integrated software platform. As a
trusted partner, we help organizations solve the world's toughest,
most complex challenges, providing actionable solutions and
innovations through our Aerospace Technologies, Industrial
Automation, Building Automation and Energy and Sustainability
Solutions business segments that help make the world smarter, safer
and more sustainable. For more news and information on Honeywell,
please visit www.honeywell.com/newsroom.
About Quantinuum
Quantinuum, the world's largest
integrated quantum company, pioneers powerful quantum computers and
advanced software solutions. Quantinuum's technology drives
breakthroughs in materials discovery, cybersecurity, and next-gen
quantum AI. With almost 500 employees, including 370+ scientists
and engineers, Quantinuum leads the quantum computing revolution
across continents.
The Honeywell trademark is used under license from Honeywell
International Inc.
Honeywell makes no representations or warranties with respect to
this service.
Contacts:
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Media
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Investor
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Stacey
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Sean
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(980)
378-6258
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(704)
627-6200
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Stacey.Jones@honeywell.com
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Sean.Meakim@honeywell.com
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SOURCE Honeywell International Inc.