American tech giant Honeywell is upping its bet on redefining the future of quantum computing by combining its own three-year-old group with British startup Cambridge Quantum Computing. Now, the company is pledging to invest up to $300 million (nearly £212 million) in the new venture. This investment round will reportedly be closed later this year.
Investment in quantum computing
The combined company will be pitted against the likes of major quantum computing players including IBM, Google, and Microsoft. Honeywell predicts the quantum computing market to be worth $1 trillion. Notably, IBM is already an investor in Cambridge Quantum Computing, a global player in this space.
Furthermore, Honeywell’s ion-based quantum computing hardware has already reached a quantum volume of 512. This is the highest ever volume measured on a commercial quantum computer to date.
“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…
