Quantinuum has raised $600m at a $10bn pre-money valuation, ahead of the launch of its new quantum computer later this year as firms race to commercialise the technology.
The round features the VC arm of AI chipmaker Nvidia, Quanta Computer and QED Investors, alongside backing from existing investors industrial giant Honeywell and multinational bank JPMorgan Chase.
The UK and US-based company was founded in 2021 following the merger of quantum hardware maker Honeywell Quantum Solutions and software provider Cambridge Quantum, and raised nearly $700m, according to Dealroom, prior to this round.
The company said the raise would support an accelerated launch of Helios, its next-generation quantum computer coming later this year.
Quantum computing promises to unlock unprecedented compute power, generating huge value for businesses in fields ranging from finance to life sciences.
Dozens of companies are racing to build the devices — but for now quantum computers are too prone to errors to carry out calculations that are more useful than classical computers on an industrial scale.
The company says it hopes to become the first to perform universal fault tolerant computing — a goal that many in the sector are shooting towards.
“Quantinuum continues to meet and exceed our stated objectives — strategically, technically and commercially,” said Vimal Kapur, Chairman and CEO of Honeywell in a statement.
“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.”
The company will work with Nvidia on its quantum programmes and has entered strategic partnerships with a number of corporates including SoftBank that it says will “expand the capabilities of classical artificial intelligence and realize next-generation technologies”.
The raise comes in a week of deals for quantum startups in Europe. On Tuesday UK-based Phasecraft raised $34m to build out its quantum algorithm business and on Wednesday Finland’s IQM landed a $320m Series B to become Europe’s best-funded quantum startup.
Read the orginal article: https://sifted.eu/articles/quantinuum-raises-from-nvidia-vc-arm-10bn-valuation/
