Honeywell has announced the closing of a $300 million equity fundraise for Quantinuum, giving the quantum computing company a pre-money value of $5 billion.

Quantinuum was founded in 2021 when Honeywell spun out its Quantum Solutions division and merged it with UK quantum computing startup Cambridge Quantum Computing. Honeywell owns a 54 percent stake in the company and IBM is also an investor.

Since its formation three years ago, Quantinuum has raised $625m in capital, although this latest raise – anchored by the company’s strategic partner JPMorgan Chase, and supported by Mitsui & Co., Amgen, and Honeywell – is the first equity funding round Quantinuum has undertaken since the merger.

The money will be used to further support the company’s aim of building the world’s first universal fault-tolerant quantum computers. Quantinuum will also use a portion of the funds to extend its software offering and enhance its commercial applications.

"The confidence in our business demonstrated through this investment by our longstanding strategic partners and industry leaders is a clear indication of the value we will continue to create with the world's highest performing quantum computers, groundbreaking middleware to accelerate the developer ecosystem, and innovative application software to revolutionize fields like cryptography, computational chemistry, and AI,” said Rajeeb Hazra, CEO of Quantinuum.

Quantinuum currently has two ion trap quantum computing offerings, the System Model H1 and the System Model H2, although only the H1-1 and the H1-2 are available to customers. The Quantinuum H1 contains 20 fully connected qubits that sit across five Quantum Charged Coupled Device (QCCD) zones, while the H2, which was launched in May 2023, contains 32 qubits capable of all-to-all connectivity.

In January, Quantinuum agreed to a deal with Japanese research institution Riken to supply a H1-Series quantum computer. The installation represents Quantinuum's first on-premise delivery of a system.