- In what could be seen as a pre-IPO move, Honeywell today announced the closing of a $300 million equity fundraise for Quantinuum at a pre-money valuation of $5 billion.
- JPMorgan Chase, Mitsui and Honeywell made investments to support Quantinuum’s growth and innovation.
- The investment brings the total capital raised by Quantinuum since inception to approximately $625 million.
PRESS RELEASE — 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 investment to the company’s software offering to enhance commercial applicability.
In an email interview with The Quantum Insider, Ilyas Khan, who is a founder, Chief Product Officer, as well as Vice Chairman of Quantinuum, said the raise reflects the confidence in Quantinuum and its team to be the industry-leading quantum computing company.
“Our entire focus is consumed by a singular mission – building the world’s leading quantum computing company in the long run,” said Khan, who, behind Honeywell, is one of Quantinuum’s largest shareholders at approximately 20 percent. “The team that drives this passion – from our scientists, technicians and engineers, through to teams that ensure best practices in finance, HR, marketing and others are distributed now in North America, Europe and Asia. We are a fully integrated technology enterprise and the confidence that has been exhibited by our investors is simply a prompt for us to work even harder as we soon start the next stage of the journey to turn the corner from quantum processors that are exciting but still largely experimental to computers that scale and run the applications we have designed and painstakingly created. We are genuine leaders in every area in which we operate and those areas are the ones that count for our customers. I’m excited to unveil advances in the coming weeks and months that will further be the essential accelerant that our sector needs. It’s not for nothing that we are seen as the essential drivers and enablers of the world’s quantum ecosystem. Coincidentally I founded Cambridge Quantum almost 10 years ago in July 2014 and the merger with Honeywell Quantum Solutions – who also started around the same time – has been an incredibly powerful catalyst in creating the worlds leading quantum computing company.”
JPMorgan Chase Quantum Efforts
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 ofQuantinuum 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.
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.
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.