CHARLOTTE, N.C., Nov. 30, 2021 /PRNewswire/ -- Honeywell (NASDAQ: HON) announced today that Honeywell Quantum Solutions (HQS) and Cambridge Quantum (CQ), two global leaders in quantum computing and technology, received regulatory approval and completed the previously announced business combination.
The new company, named Quantinuum, is now the largest and most advanced full-stack quantum computing company. Through its impressive scale and proven technology leadership in quantum hardware, software and research and development, Quantinuum will shape the future of what is projected to become a $1 trillion industry over the coming decades.
"The formation of Quantinuum marks an important milestone for the quantum computing industry," said Darius Adamczyk, chairman and chief executive officer of Honeywell, and chairman of Quantinuum. "Quantinuum customers will now have access to the world's first quantum operating system, applications, and hardware-agnostic software, all of which will be used to address extremely challenging business needs with which conventional computing systems struggle. The combination of the quantum industry's top talent, growing customer base, and most comprehensive technology will position Quantinuum extremely well for future growth."
Quantinuum's products and solutions support cyber security and encryption, drug discovery and delivery, material science, finance, natural language processing and optimization across major industrial markets. These products are delivered in an integrated manner and are compatible with a variety of quantum hardware processors, including the system Model H1, powered by Honeywell, and also IBM's suite of quantum computers.
"The pace and scope of engineering advances, innovations in algorithm discovery, and the development of early-stage quantum software has picked up markedly in the past 12 months and is now ahead of most projections," said Ilyas Khan, chief executive officer of Quantinuum. "Quantinuum is an accelerator for the quantum computing ecosystem as a whole, and I am thrilled and honored to be able to lead the new company as we enter a critical phase in the birth of the quantum computing sector."
Quantinuum has recently announced groundbreaking advances in the financial industry by enabling quantum Monte Carlo simulations; conducted the world's largest experiment in quantum natural language processing, a key enabler of artificial intelligence; announced commercial projects in critical areas of drug discovery that will enhance humanity's well-being; and provided all quantum software developers open access to "tket," the world's most popular independent quantum software development kit. Quantinuum's System Model H1 quantum computer, powered by Honeywell, recently achieved a quantum volume of 1,024, the highest measured on a commercial quantum computer to date, with further advances to be announced in the near future.
Quantinuum has a staff of nearly 400, over 300 of whom are engineers and scientists that include some of the world's leading quantum computing experts. It has offices in the U.S., United Kingdom, Japan and Germany, and is an IBM Quantum Hub.
Honeywell has been an investor in and commercial partner of CQ since 2019, and now owns a majority stake in Quantinuum. Additionally, Honeywell and Quantinuum have entered into a long-term agreement for Honeywell to help manufacture the critical ion traps needed to power Quantinuum's trapped-ion quantum hardware. Honeywell's businesses will continue to serve as a proving ground for the new company's quantum offerings. There is no change to Honeywell's financial outlook as a result of the transaction.
For more information, visit www.quantinuum.com.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
View original content to download multimedia:https://www.prnewswire.com/news-releases/honeywell-quantum-solutions-and-cambridge-quantum-complete-business-combination-to-form-worlds-largest-most-advanced-standalone-quantum-company-301434167.html