Honeywell has reported that Honeywell Quantum Solutions (HQS) and Cambridge Quantum Computing (CQC), two world-leading quantum computing and quantum technology businesses, will combine to form the largest, most advanced standalone quantum computing company in the world, setting the pace for what is projected to become a $1 trillion quantum computing industry over the next three decades.
Honeywell Chairman and Chief Executive Officer Darius Adamczyk will serve as chairman of the new company. The new company will be led by Ilyas Khan, the CEO and founder of CQC. Tony Uttley, currently the president of HQS, will serve as the new company’s president.
“Since we first announced Honeywell’s quantum business in 2018, we have heard from many investors who have been eager to invest directly in our leading technologies at the forefront of this exciting and dynamic industry – now, they will be able to do so,” Adamczyk said. “The new company will provide the best avenue for us to onboard new, diverse sources of capital at a scale that will help drive rapid growth.”
Adamczyk continued, “The new company will have the best talent in the industry, the world’s highest-performing quantum computer, the first and most advanced quantum operating system, and comprehensive, hardware-agnostic software that will drive the future of the quantum computing industry. The new company will be extremely well-positioned to create value in the near-term within the quantum computing industry by offering the critical global infrastructure needed to support the sector’s explosive growth.”
“Joining together into an exciting newly combined enterprise, HQS and CQC will become a global powerhouse that will develop and commercialize quantum solutions that address some of humanity’s greatest challenges, while driving the development of what will become a $1 trillion industry,” Khan said. “I am excited to lead a company that has the best people and technologies in the quantum computing industry and the best and boldest clients. Together we will lead the industry as it grows and matures, and create tangible, credible, provable and science-led advances.”
The new company will offer the world’s highest-performing quantum computer and a full suite of quantum software, including the first and most advanced quantum operating system.
The company will also focus on the advancement of natural language processing to fully leverage the possibilities of quantum artificial intelligence.
In addition, Honeywell will invest between $270 million and $300 million in the new company and will have a long-term agreement to help manufacture the critical ion traps needed to power the quantum hardware.
Honeywell’s businesses will continue to serve as a proving ground for the new company’s quantum offerings.