Quantinuum is new name for $300m merged Honeywell/Cambridge venture
The merged quantum computing company bringing together Honeywell Quantum Solutions and Cambridge Quantum will be called Quantinuum, the two said yesterday.
Under the deal, announced in June, Honeywell, a pioneer of computing in the 1950s and 1960s but now better known for central heating thermostats, will invest US$270-$300 million in the venture.
Ilyas Khan (pictured), CEO of the new company and founder of Cambridge Quantum, said: “Quantinuum is now the largest and most advanced integrated quantum computing company in the world.”
Quantinuum said it will launch a quantum cyber security product later this month. Next year it plans an enterprise software package that applies quantum computing to solve complex scientific problems in pharmaceuticals, material science, specialty chemicals and agrochemicals.
Tony Uttley, the former Honeywell executive who is now president and COO of Quantinuum, said: “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 cyber security. However, in addition to cyber security, 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.”
Khan said: “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.”
To create Quantinuum, Honeywell separated Honeywell Quantum Solutions from the parent company and combined with Cambridge Quantum. Honeywell will initially be the largest shareholder of Quantinuum, with an approximately 54% stake.
Honeywell confirmed that it has also invested nearly $300 million in the new venture, and it will also be a supplier of Quantinuum, supporting the manufacturing process for the company’s proprietary ion-traps, as well as a customer of Quantinuum on various projects across its business units.