Quantinuum, a Honeywell’s quantum computing spin-off, has raised $300 million in new funding led by Wall Street giant JP Morgan. Honeywell International announced on Tuesday that Quantinuum closed a $300 million equity funding round at a $5 billion pre-money valuation

The latest round, which brings Quantinuum’s total raised funds to $625 million, is also supported by investors including Mitsui & Co and Amgen, while Honeywell retains its majority shareholder status, according to a report from Reuters. Honeywell said the new capital infusion will be used to advance the development of fault-tolerant quantum computers and expand the software offerings of Quantinuum.

In a statement, Quantinuum Chief Executive Rajeeb Hazra said, “The confidence in our business demonstrated through this investment by our longstanding strategic partners and industry leaders is a clear indication of the value we will continue to create,”

JPMorgan Chase’s global chief information officer, Lori Beer, also highlighted the potential benefits of quantum technologies for the financial services industry. “Financial services has been identified as one of the first industries that will benefit from quantum technologies,” Beer said.

Quantinuum’s computers utilize a trapped-ion design, employing ytterbium ions as qubits. The H2 model uses lasers to encode, configure, and extract data from these qubits for calculations. Unlike traditional computers that use bits (0s or 1s), quantum computers leverage qubits, capable of encoding information as 0s, 1s, or both simultaneously. Scientists believe quantum computers have the potential to perform complex mathematical calculations millions of times faster than current supercomputers.

Founded in 2021 through the merger of Cambridge Quantum (software) and Honeywell Quantum Solutions (hardware), Quantinuum specializes in trapped-ion quantum computers and software tools. Quantinuum claims the H2 boasts the industry’s highest two-qubit gate fidelity, a crucial metric for reliable quantum calculations. Addressing the challenge of error-prone qubit implementations, the company prioritizes improving the reliability of quantum computers.

Alongside its quantum hardware, Quantinuum provides software solutions like InQuanto, facilitating qubit utilization for chemistry research, and Quantum Origin, a suite designed to enhance enterprise encryption key security.

Notably, the company currently holds the record for the highest quantum volume achieved, reaching 524,288, a key performance metric for quantum computers. Additionally, Quantinuum distinguishes itself by providing cloud-based access to its H-Series quantum computers, allowing researchers and businesses to explore quantum computing without the need for their own hardware.

The company’s strategic focus on enterprise-ready solutions and collaborations with major players like JPMorgan Chase and Airbus positions it for real-world impact. As businesses seek to leverage quantum capabilities for solving intricate problems, Quantinuum’s technologies are gaining traction.

Major companies such as Airbus, BMW Group, Honeywell, HSBC, and JPMorgan Chase already utilize Quantinuum’s quantum computing solutions.