Honeywell International Inc (HON.O) and quantum software startup Cambridge Quantum Computing (CQC) announced on Tuesday that they would form a joint venture, integrating Honeywell’s quantum computing unit with the software maker.
Honeywell will invest between $ 270 million and $ 300 million in the new company and will own 54% of the new company. CQC and its investors, including International Business Machines Corp (IBM.N), will own the remainder. Honeywell CEO Darius Adamczyk will be chairman of the board of the new entity, which will be appointed later.
Honeywell, a technology and manufacturing company, unveiled its quantum computer in late 2019 after many years of development. She invested and partnered with CQC from 2019.
“To really accelerate our path towards developing full quantum capabilities for quantum solutions, solving customer problems, we felt this was the shortest and most compelling path,” Adamczyk told Reuters.
Researchers believe quantum computers could run millions of times faster than today’s advanced supercomputers, potentially making tasks possible from mapping complex molecular structures and chemical reactions to increasing the power of artificial intelligence.
Ilyas Khan, CEO and Founder of CQC who will be the CEO of the new company, said CQC was a founding member of IBM’s quantum ecosystem and will continue to work with IBM and other computer manufacturers. quantum, even after the formation of the joint venture.
“There are a number of different hardware choices, and we are currently active users of all devices to meet customer demand. So we will always choose the best machine for the job at hand, ”said Khan.
Quantum computing startups received a record $ 796 million in venture capital funding around the world last year, according to data firm PitchBook.
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