Cambridge Quantum and Honeywell Quantum Solutions announced they have satisfied all of the conditions required to close the business combination and formed the new company, now called Quantinuum.
“Quantinuum is now the largest and most advanced integrated quantum computing company in the world,” said Ilyas Khan, CEO of the new company and founder of Cambridge Quantum. “By uniting the best-in-class quantum software available with the highest performing hardware available, we are uniquely positioned to bring real, quantum computing products and solutions to large, high-growth markets in the near term, the medium term and the longer term as quantum computers scale in capacity and quality. We are science led, and enterprise driven, and our scale and global presence in this most critical of technologies will provide leadership in each of the key areas that constitute the ‘must haves’ for quantum computing to deliver real world solutions to all our customers and partners.”
Quantinuum will globally launch a quantum cybersecurity product in December 2021, and later in 2022, an enterprise software package that applies quantum computing to solve complex scientific problems in pharmaceuticals, materials science, specialty chemicals and agrochemicals.
It will also announce major upgrades to the System Model H1 hardware technologies, Powered by Honeywell, which has the highest measured quantum volume, as well as industry breakthroughs that reduce errors thereby continuing to progress credibly towards the development of a fault-tolerant quantum system. In this respect, the H-Series quantum computers continue the trend of meeting and exceeding the deliverables that the company has previously committed to as part of its hardware roadmap.
“I am thrilled to help lead our new company, which will positively change the world through the application of quantum computing. Our scientists continue to work hard to develop the best quantum software and hardware technologies available and I am excited to be able to offer these to customers on an on-going basis,” said Tony Uttley, President and Chief Operating Officer of Quantinuum.
“The next few weeks and months are going to be extremely active for Quantinuum as we increase the pace in deriving unique value from today’s quantum computers especially in cybersecurity. However, in addition to cybersecurity, our products will include solutions for drug discovery and drug delivery, materials science, finance, natural language processing, as well as optimization, pattern recognition, and supply chain and logistics management.”
Quantinuum was formed six months after Honeywell announced that Honeywell Quantum Solutions, its quantum computing division, would separate from the company and combine with Cambridge Quantum. Honeywell will initially be the largest shareholder of Quantinuum with an approximately 54 percent ownership stake in the new company.
Additionally, on top of this stake, Honeywell has also invested nearly $300 million in the new venture, ensuring that Quantinuum is well capitalized at inception. Honeywell will also be a supplier to Quantinuum, supporting the manufacturing process for the company’s proprietary ion-traps. Additionally, Honeywell is a customer of Quantinuum on various projects across its business units.
Quantinuum has a staff of almost 400 people at inception, with offices in the United Kingdom, United States, Japan, and Germany. Of those employees, approximately 300 are scientists working on technical teams to advance the hardware and develop software solutions.
Quantinuum will maintain a European headquarters in Cambridge, UK and a North American headquarters in Colorado, US. The company will continue to be entirely platform agnostic in its choice of hardware to provide total portability to its clients and ensure the most effective performance for the problems being solved.