In a bid to expand its footprint in the global quantum computing industry, Honeywell Quantum Solutions (HQS), a part of Charlotte, North Carolina-based Honeywell International, will merge with Cambridge Quantum Computing (CQC).
The joint venture, a statement said, will work towards building and commercializing the world’s highest performing quantum computer and a comprehensive suite of quantum software, including the first and most advanced quantum operating system.
The merger is expected to be completed by the third quarter of 2021, Honeywell said, noting that it will invest around $300 million in the new organization and also have a long-term agreement to manufacture ion traps needed to power its quantum hardware. HQS will hold a majority stake in the joint venture.
Cambridge, UK headquartered CQC is focused on building software and cybersecurity tools for quantum computers, while HQS brings quantum hardware expertise to the table.
Once the deal is completed, Darius Adamczyk, the chairman and CEO of Honeywell, will be chairman of the new company, while CQC founder and CEO Ilyas Khan will become its CEO. Tony Uttley, the current president of Honeywell Quantum Solutions, will retain his role in the new organization.
The entity will have more than 300 employees, including scientists, engineers, and leading quantum computing experts from around the world.
“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,” Adamczyk said.
The technologies developed by the merged organization will support advanced computation requirements in fields ranging from cybersecurity and drug discovery to material science, finance, and optimization across major industrial markets, Honeywell said. Plus, it will also focus on improving natural language processing to open new possibilities with quantum AI.
Commenting on the engagement, CQC’s 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.”
Globally, the quantum computing industry is estimated to hit $1 trillion over the next three decades.
Other prominent players engaged in the development of quantum computing or quantum communication solutions are IBM (which had also invested in CQC last December), Microsoft, Google, Intel, and Toshiba.