Quantum AI to be explored by new quantum computing businessNews
June 08, 2021
CHARLOTTE, N.C. Honeywell announced that Honeywell Quantum Solutions (HQS) and Cambridge Quantum Computing (CQC) will combine to form a standalone quantum computing company, aiming to set the pace for what is projected to become a $1 trillion quantum computing industry over the next three decades.
The new company will intend to offer a full suite of quantum software, including an advanced quantum operating system. These technologies will aim to support customer needs for improved computation in diverse areas including cybersecurity, drug discovery and delivery, material science, finance, and optimization across all major industrial markets. The company claims it will also focus on the advancement of natural language processing to fully leverage the possibilities of quantum artificial intelligence (AI).
After the transaction is complete, Honeywell officials claim the company will own a majority stake in the new business, with commensurate governance rights. 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.
The combination is expected to be complete in the third quarter of 2021, subject to regulatory approvals and customary closing conditions. 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.