Honeywell’s Quantinuum raises $300M at pre-money valuation of $5B from JPMorgan Chase, others

Quantinuum, an integrated quantum computing company, announced on Tuesday that it has raised $300M (approximately €276M) at a pre-money valuation of $5B. 

The round is backed 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 $625M (approximately €575M).

This is 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 toward achieving the world’s first universal fault-tolerant quantum computers while also extending Quantinuum’s software offering to enhance commercial applicability.

Rajeeb Hazra, CEO of Quantinuum, says, “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.”

Quantinuum: Scaling quantum computing

Quantinuum pioneers powerful quantum computers and advanced software solutions. 

The company’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.

Currently, Quantinuum’s technologies are used today by leading companies, including Airbus, BMW Group, Honeywell, HSBC, JPMorgan Chase, Mitsui, and Thales. 

In collaboration, these organisations are exploring how to engineer and scale quantum capabilities to help solve some of the 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.

Honeywell: Addressing tough challenges

Honeywell is an integrated operating company serving a broad range of industries and geographies worldwide. 

The company’s business is aligned with three megatrends – automation, the future of aviation, and energy transition – underpinned by the Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. 

Honeywell helps organisations 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.

Darius Adamczyk, Executive Chairman of Honeywell and Chairman of the Board of Quantinuum, says, “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 its 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.”

The investors

JPMorgan Chase has a team of specialists working on quantum technologies within the financial services industry. They have been working with Quantinuum and its predecessor companies since 2020. 

JPMorgan Chase was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and is also one of the most active corporate partners. They employ Quantinuum’s software development kit, which is known as “TKET.”

Lori Beer, Global Chief Information Officer at JPMorgan Chase, says, “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.”