Quantinuum Ltd., a leading player in the quantum computing sector and predominantly owned by Honeywell International Inc., has successfully raised $600 million in equity capital to foster the development and expansion of its innovative trapped-ion quantum computing technology. This funding elevates the company’s pre-money valuation to $10 billion, effectively doubling its worth since a previous $300 million financing round earlier this year.
The latest funding round welcomed new investors, including Nvidia Corp.’s NVentures, Quanta Computer, and QED Investors, while also receiving support from existing stakeholders such as Morgan Private Ventures, Mesh Ventures, and Korea Investment Partners.
Established in 2021 through the merger of Honeywell Quantum Solutions, a pioneer in quantum hardware, and Cambridge Quantum, a specialist in quantum software, Quantinuum stands at the forefront of quantum technology. Honeywell has been instrumental since the company’s inception, providing initial investments and ongoing manufacturing support.
Quantinuum specializes in developing both the hardware and software necessary for quantum computations, offering a series of quantum computers branded as the H-Series. The newest model, System Model H2, features 56 connected qubits that enhance error correction and fault tolerance, crucial for reliable quantum operations.
Earlier this year, the company unveiled its “Reimei” quantum computer in partnership with Riken, Japan’s largest research institution. The term “Reimei,” meaning “dawn” in Japanese, symbolizes the integration of quantum computing with classical systems, as it will work alongside Riken’s supercomputer Fugaku to propel advancements in scientific fields such as physics and chemistry.
Quantinuum leverages trapped-ion technology, utilizing electromagnetic fields to manipulate ytterbium atoms and encode quantum information as qubits. This design is known for its superior fidelity, minimal error rates, and extended coherence times, enabling more complex calculations over lengthy periods.
In August, the company launched new open-source software tools, including an emulator and a new programming language named Guppy, designed to assist quantum developers in harnessing Quantinuum’s Helios quantum hardware-as-a-service offering. Guppy’s syntax is based on Python, providing familiar coding capabilities for developers venturing into quantum programming.
As part of its expansion strategy, Quantinuum has actively developed its commercial and academic partnerships, collaborating with entities such as SoftBank Corp. and Infineon Technologies AG. The company has also extended its geographical footprint to regions including New Mexico, Qatar, and Singapore, further solidifying its position in the global quantum landscape.
