Honeywell International announced that its quantum computing subsidiary, Quantinuum, has raised $300 million in a VC funding round.
The funding initiative, spearheaded by JPMorgan Chase, garnered notable support from Mitsui & Co and Amgen, bringing Quantinuum’s total capital raised since its inception to approximately $625 million.
The infusion of funds highlights the growing interest and confidence in quantum computing capabilities, as companies seek innovative solutions to address complex challenges, including the design and manufacturing of hydrogen cell batteries for transportation.
Various industry players, such as Airbus, BMW Group, Honeywell, HSBC, and JPMorgan Chase, already leverage Quantinuum’s technologies.
Lori Beer, the Global Chief Information Officer at JPMorgan Chase, emphasized the potential impact of quantum technologies on the financial services sector, noting it as one of the first industries poised to benefit significantly.
Honeywell, maintaining its majority shareholder position in Quantinuum, specified that the raised capital would be directed towards the development of fault-tolerant quantum computers. Additionally, the funds will support the expansion of Quantinuum’s software offerings, enhancing its overall quantum computing capabilities.
