• Honeywell will hold a majority stake in the new company after the merger; The new company aims to shape the future of quantum computing, and the career mall is expected to be worth $1 trillion
• The new company will supply the world's most powerful quantum computing machine and a full suite of quantum software, including the first and most advanced quantum operating system
• Software transactions will remain hardware-agnostic, continue to be fully compatible with all quantum hardware vendors in the world, and then benefit customers as much as possible
Charlotte, North Carolina, United States, June 11, 2021 – Honeywell (NASDAQ: HON) today announced that its Quantum Solutions business will merge with Cambridge Quantum Computing. Two leading international quantum computing and quantum skills companies will join forces to form the world's largest and most advanced independent quantum computing company* to date, leading the way in the quantum computing profession. The career mall is expected to be worth $1 trillion over the next three decades.
The new company will supply the world's most powerful quantum computing machine and a full suite of quantum software, including the first and most advanced quantum operating system. These skills will meet the needs of clients looking to improve their accounting skills in a wide range of areas, including cybersecurity, drug discovery and delivery, materials science, finance, and optimization in major industrial malls. The new company will also focus on skills advancement in natural language processing to unlock the full potential of quantum AI.
Quantum computing will continue to be a pivotal breakthrough for Honeywell. Upon completion of the sale, Honeywell will have a majority stake in the new company and management rights accordingly. In addition, Honeywell will invest $270 million to $300 million in the new company and will reach a long-term agreement with the new company to assist in the manufacture of the critical ion traps needed to power quantum hardware. Honeywell will continue to provide a testing ground for the new company's quantum products.
The transaction is expected to close in the third quarter of 2021 and is subject to regulatory approvals and customary closing conditions. Honeywell Chairman and CEO Richard Du will serve as Chairman of the new company, and Ilias · Khan, founder and CEO of Cambridge Quantum Computing, will serve as CEO of the new company. Tony · Utley, current president of Honeywell Quantum Solutions, will become the new president.
"Since Honeywell officially announced the establishment of Quantum Business in 2018, many funders have expressed a desire to invest directly in our early adopter skills, which are at the forefront of this exciting and dynamic profession. Now, they will get their wish. "The new company will provide us with the best way to bring in new and diversified sources of capital, and then drive rapid growth," he said. ”
"The new company will feature the best talent in the industry, the world's most powerful quantum computing machine, the first and most advanced quantum operating system, and a full suite of hardware-agnostic software that will drive the future of quantum computing," he added. By providing the critical global infrastructure needed to support the explosive growth of quantum computing careers, the new company will be in a very good position to invent career value in the short term. ”
"This exciting new venture through the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing will be a strong global company to develop and commercialize quantum solutions to address some of humanity's greatest challenges and advance the development of a future $1 trillion profession." "I am excited to lead the new company, which will bring together the best talent, the most advanced skills, and the highest quality and most ambitious customers in the quantum computing profession," said Ilias · Khan. Together, we will lead the development and maturity of the profession, and use technology to drive credible progress. ”
Honeywell's trap-by-ion technology-based quantum computing hardware recently achieved 512 quantum volumes, making it the largest commercial quantum computing machine to date, and is still making progress. Cambridge Quantum Computing is a global leader in software, cybersecurity, and algorithms that help optimize quantum computing hardware, and its software transactions will continue to be hardware-agnostic and fully compatible with all quantum hardware providers in the world. Honeywell has been a funder and commercial partner of Cambridge Quantum Accounting since 2019.
Over the past decade, Honeywell has taken its quantum business from idea to commercial operation. Today, Honeywell Quantum Solutions employs some of the world's top quantum computing experts and provides the best quantum computing machines to customers, including some of the world's largest companies. An interdisciplinary team of more than 160 scientists, engineers and software developers from Honeywell will join the new company as part of an ongoing commitment to advancing quantum volume and solving cross-career, hands-on enterprise problems. The combined company will have more than 300 employees, including more than 100 Ph.D. holders and more than 200 scientists, including some of the world's top quantum computing experts.
Honeywell's quantum computing machine uses ion trapping technology to preserve quantum information using a large number of individual charged atoms (ions). Honeywell systems use electromagnetic fields to capture each ion, and laser pulses are used to manipulate and encode the captured ions. These high-performance operational requirements span many disciplines, including atomic physics, optics, cryoscience, lasers, magnetics, ultra-high vacuum, and precision control systems. Honeywell has decades of expertise in these technologies.
Founded in 2014 and supported by a number of leading international quantum computing companies, Cambridge Quantum Computing is a pioneer in the field of quantum software and a leader in the commercialization of quantum skills. The company has a team of about 150 people and covers Europe, Japan and the United States. This year alone, Cambridge Quantum Accounting has made a number of breakthroughs, including: the realization of quantum Monte Carlo imitation to make quantum computing machines practical in finance and banking; Introducing an unhackable cybersecurity key that leverages Honeywell's quantum computing machines to safeguard corporate, government, and private data and communications; Publish the details of the world's largest quantum natural language processing experiment, providing a critical driving force for the development of artificial intelligence; Announcing commercial projects for drug discovery in key areas and making contributions to human health; and open access to the world's most popular quantum software development kit, "tket", to all quantum software developers.
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