CM – Honeywell, Cambridge Quantum Computing create new company

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Honeywell Quantum Solutions and Cambridge Quantum Computing have agreed to merge to closely integrate Honeywell’s system hardware with Cambridge’s quantum operating system and applications.

The combined companies will form a new company with the goal of Advance quantum computing. Parent company Honeywell International will retain a 54% stake in the new company and plans to invest between $ 270 million and $ 300 million to fund operations. The new company has also signed a long-term contract with Honeywell International to manufacture the ion traps needed for quantum hardware.

Together, the two companies can aggressively pursue opportunities in a number of markets, particularly cybersecurity, drug discovery, finance and Materials science, officials from both companies said. What will support these efforts is the close partnership they have had on a number of projects over the past three years and have become familiar with each other’s core technologies.

« We have tremendous experience working together », said Tony Uttley, President of Honeywell Quantum Solutions (HQS). « We’ve seen each other’s advances in our respective technologies, and we’ve recognized over time that by combining these two organizations, we have the opportunity to create something unique. » Honeywell’s captive-based system Ions has a quantum volume of 512, the highest measured of any quantum system available at the time of this writing. Last year, the company promised to double that number every year for the next five years.

Cambridge Quantum Computing (CQC) has an operating system that is specifically designed for quantum systems and is mostly open source, with some proprietary code. CQC also has two applications that exploit the capabilities of its operating system, one for the cybersecurity market, which is expected later this year.

« We have [a cybersecurity application] that will be ready in the fourth quarter, but we have to make sure we are spot on with the methodology of integrating the keys into the user system, ”said Ilyas Khan, CEO and Founder of CQC. “Working with the Honeywell team after the merger, we will be able to produce a wide variety of products using this system.” The other offering is a quantum chemistry platform called EUMEN, which does the research for a cure for Alzheimer’s disease. These will add two applications to the company over the next two years, targeting the finance and logistics market, said Kahn.

Despite the merger with Honeywell, Kahn said that CQC’s software will remain hardware-independent and will continue to work with most Hardware vendors will be compatible.

The opinions of the analysts differ as to the chances of the combined company for a quick start from the blocks, at least in the short term.

« Together, CQC and Honeywell have a software / hardware Stack, with CQC having relationships with all quantum hardware vendors, which is good for extensibility, ”said Dan Newman, Principal Analyst of Futurum Research and CEO of Broadsuite Media Group. « But right now the market is waiting to see if quantum computing can become a business, not just a technology. » The new company brings more credibility to the quantum computing market with Honeywell’s « generous » financial support, Paul said Smith-Goodson, Quantum Computing Analyst at Moor Insights & Strategy. There is also a prospect of partnering with one or two other quantum computing companies like IonQ to deliver much-needed cybersecurity software, he added.

« You have good financial support from Honeywell International – it’s not like you’re alone a startup, ”said Smith-Goodson. « They will soon have the cybersecurity offering and IonQ will have a signature verification product ready within a year so things can move forward in this market. » The deal is expected to close in the third quarter of this year. Honeywell Chairman and CEO Darius Adamczyk will serve as chairman of the new company, while Ilyas Khan will serve as CEO and Tony Uttley as president.

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