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Cambridge, UK and Broomfield, Colorado, November 30^th, 2021 — The two leading companies in the quantum computing industry have combined to create ҹɫֱ��, thereby accelerating the development of quantum computing and innovation of quantum technologies in a platform agnostic manner to deliver real-world quantum-enabled solutions for some of the most intractable problems that classical computers have not been able to solve. 

Cambridge Quantum, the pioneer in quantum software, operating systems, and cybersecurity, and Honeywell Quantum Solutions, which has built the highest-performing quantum hardware, based on trapped-ion technologies, today announced they have satisfied all of the conditions required to close the business combination and formed the new company, now called ҹɫֱ��. 

“ҹɫֱ�� is now the largest and most advanced integrated quantum computing company in the world,” said Ilyas Khan, CEO of the new company and founder of Cambridge Quantum. “By uniting the best-in-class quantum software available with the highest performing hardware available, we are uniquely positioned to bring real, quantum computing products and solutions to large, high-growth markets in the near term, the medium term and the longer term as quantum computers scale in capacity and quality. We are science led, and enterprise driven, and our scale and global presence in this most critical of technologies will provide leadership in each of the key areas that constitute the ‘must haves’ for quantum computing to deliver real world solutions to all our customers and partners.”

ҹɫֱ�� will globally launch a quantum cyber security product in December 2021, and later in 2022, an enterprise software package that applies quantum computing to solve complex scientific problems in pharmaceuticals, materials science, specialty chemicals and agrochemicals.  It will also announce major upgrades to the System Model H1 hardware technologies, Powered by Honeywell, which has the highest measured quantum volume, as well as industry breakthroughs that reduce errors thereby continuing to progress credibly towards the development of a fault-tolerant quantum system. In this respect, the H-Series quantum computers continue the trend of meeting and exceeding the deliverables that the company has previously committed to as part of its hardware roadmap.

“I am thrilled to help lead our new company, which will positively change the world through the application of quantum computing. Our scientists continue to work hard to develop the best quantum software and hardware technologies available and I am excited to be able to offer these to customers on an on-going basis,” said Tony Uttley, President and Chief Operating Officer of ҹɫֱ��. “The next few weeks and months are going to be extremely active for ҹɫֱ�� as we increase the pace in deriving unique value from today’s quantum computers especially in cyber security. However, in addition to cyber security, our products will include solutions for drug discovery and drug delivery, materials science, finance, natural language processing, as well as optimization, pattern recognition, and supply chain and logistics management.”

ҹɫֱ�� was formed six months after Honeywell announced that Honeywell Quantum Solutions, its quantum computing division, would separate from the company and combine with Cambridge Quantum. Honeywell is the largest shareholder of ҹɫֱ�� with an approximately 54 percent ownership stake in the new company. Additionally, on top of this stake, Honeywell has also invested nearly $300 million in the new venture, ensuring that ҹɫֱ�� is well capitalized at inception. The other major shareholder is Ilyas Khan the founder of Cambridge Quantum, and the CEO of ҹɫֱ�� with an approximately 23% holding. Other shareholders include IBM and JSR Corp from Japan.

Honeywell is also a supplier to ҹɫֱ��, supporting the manufacturing process for the company’s proprietary ion-traps. Additionally, Honeywell is a customer of ҹɫֱ�� on various projects across its business units.

ҹɫֱ�� has a staff of almost 400 people at inception, with offices in the United Kingdom, United States, Japan, and Germany.  Of those employees, approximately 300 are scientists working on technical teams to advance the hardware and develop software solutions.

ҹɫֱ�� will maintain a European headquarters in Cambridge, UK and a North American headquarters in Colorado, US. The company will continue to be entirely platform agnostic in its choice of hardware to provide total portability to its clients and ensure the most effective performance for the problems being solved. 

For more information, visit www.quantinuum.com.

This release contains certain statements that may be deemed “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. The Honeywell trademark is used under license from Honeywell International Inc. Honeywell makes no representations or warranties with respect to this service.