Home CryptocurrencyBitcoin JPMorgan Chase leads $500M funding round for Honeywell/Cambridge quantum unicorn

JPMorgan Chase leads $500M funding round for Honeywell/Cambridge quantum unicorn

by SuperiorInvest

Quantum computing company Quantinuum recently closed a $500 million funding round at a valuation of approximately $5 billion. The round was led by JPMorgan Chase and was joined by Mitsui & Co and Amgen, with a follow-on investment from Honeywell.

Quantinuum is a merger of Cambridge Quantum Computing and Honeywell Quantum Solutions. It was founded in 2021.

Quantum financing

The funds will be used to “accelerate the path toward achieving the world’s first universal fault-tolerant quantum computers,” according to a press release.

Lori Beer, global CIO at JPMorgan Chase, said a partnership with Quantinuum would be good for fintech:

“Financial services have been identified as one of the first industries to benefit from quantum technologies. “That is why we have been investing in quantum research and our team of experts, led by Dr. Marco Pistoia, has made groundbreaking discoveries.”

Fault tolerance

Quantum computers exist today, but for the most part they are experimental. The goal of a fully fault-tolerant quantum system capable of quantum advantages (performing useful functions that classical computers cannot) remains out of reach for the moment.

There are several companies, universities and government laboratories working on creating error-free quantum computers.

IBM, considered an industry leader by many experts, for example, aims to reach a “tipping point” in quantum computing by 2029. Meanwhile, QuEra, an MIT/Harvard affiliate, hopes to reach fault tolerance in 2026.

Related: WEF identifies AI and quantum computing as emerging global threats

Quantum fintech

One of the main technological barriers in fintech is the fact that binary computers (like the device you are reading this article on) are not very good at processing large amounts of variables in real time.

On the other hand, quantum computers are expected to be able to take relatively massive amounts of data and process them in a very short time. This is because quantum bits, or “qubits,” are capable of taking advantage of quantum mechanics to perform calculations.

Because of this, many experts believe that financial technology applications, such as portfolio management and risk management, could become exponentially more precise with the arrival of a quantum computing system capable of delivering quantum advantages in the relevant computational areas.

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