$600m raise and $10bn valuation for Quantinuum globally propels Cambridge and UK quantum computing
Quanta Computer, NVentures (NVIDIA’s venture capital arm) and QED Investors have joined existing shareholders JPMorganChase, Mitsui, Amgen, Cambridge Quantum Holdings, Serendipity Capital and Honeywell – all of whom have reinvested in this round. It also includes participation from new backers MESH and Korea Investment Partners.
The raise will support Quantinuum’s advancement of quantum computing at scale, which includes continued progress toward the upcoming launch of Helios, the company’s next generation quantum computing system that is expected to launch this year. It will also support Quantinuum’s path to becoming the first to perform universal fault-tolerant computing.
Backed by international tech giant Honeywell, Quantinuum has continued to grow worldwide from roots in Cambridge Quantum Computing. Among its notable current successes is a recently announced deal with Wellcome Sanger Institute to propel genomics into an exciting new era.
Ilyas Khan, Founder and Vice Chairman of Quantinuum, told Business Weekly: “I am extremely proud of the journey that we have taken from those very early days in Cambridge. We still maintain this city as our joint HQ alongside Broomfield in Colorado and, as far as I am concerned, the Quantum Computing sector is still in its very early days.
“The funding we have raised in this round and since the merger of Cambridge Quantum with Honeywell Quantum Solutions created Quantinuum in November 2021, has meant that we can continue to be the global leader and benefit the entire quantum technologies ecosystem.”
The feeling that Quantinuum's success is just the start of a game-changing global movement was echoed by Lord Vallance. He said: “This $10 billion valuation from global investors is a vote of confidence in quantum’s transformative potential and the speed of progress in putting quantum to work, here in the UK.
“This significant investment will accelerate the adoption of this technology, so more businesses across sectors from financial services to AI can harness it to their advantage. As host to Quantinuum’s European headquarters, the UK stands to reap the rewards from the economic growth that this kind of investment brings, and the scientific discoveries that it helps to generate.”
A full-stack quantum computing provider, Quantinuum is accelerating commercially useful quantum computing with commercially available quantum computers that are the undisputed leaders in performance. Along with some of the most used developer tools and end-applications such as InQuanto, the company’s solutions are driving breakthrough scientific discoveries, economic growth and sustainable development.
Quantinuum continues to increase its commercial momentum and global recognition. The company will work with NVIDIA as a founding collaborator on breakthroughs at the NVIDIA Accelerated Quantum Research Center.
Quantinuum has also entered strategic partnerships aimed at innovative quantum computing solutions that will expand the capabilities of classical artificial intelligence and realise next-generation technologies. Quantinuum recently announced partnerships and collaborations with RIKEN, SoftBank Corp., Infineon and STFC Hartree Center, as well as expansions into New Mexico, Qatar and Singapore.
The company’s collaborations collectively provide substantial investment, accelerating R & D, product development, scaling manufacturing capabilities, securing supply chains and fostering the overall growth of the quantum technologies industry.
For example, the company’s Joint Venture in Qatar was selected to deliver advanced quantum computing infrastructure and solutions to the region as part of Qatar’s $1 billion investment over the next decade.
In Singapore, Quantinuum is enabling access to the company’s advanced quantum computer, and to explore and collaborate on quantum use cases, focusing on computational biology.
Vimal Kapur, Chairman and CEO of Honeywell, said: “Quantinuum continues to meet and exceed our stated objectives — strategically, technically and commercially. We have complete confidence in Quantinuum’s ability to continue to lead the quantum revolution and create long-term value for its investors and customers.”
Scot Baldry, Chief Technology Officer of JPMorganChase, added: "As both an investor and a collaborator, we’ve seen firsthand the transformative potential of Quantinuum’s technology. We are looking forward to continuing our work together to help accelerate innovation and move closer toward solving real-world problems through quantum applications."
J.P. Morgan Securities LLC served as exclusive placement agent to Quantinuum in connection with the financing. Freshfields LLP acted as external legal counsel.
Business Weekly revealed to guests at our Awards banquet as long ago as September 2024 that we understood Quantinuum was set to be valued at $10bn.
