As per reports, Honeywell International Inc. (HON) and Cambridge Quantum Computing (CQC), a quantum computer software startup are set to enter a joint venture integrating Honeywell’s quantum computer unit with CQC.
Honeywell will invest between $270 million and $300 million in the new company and will have 54% of the new venture. CQC and its investors, including International Business Machines Corp will hold the remaining share. Honeywell CEO Darius Adamczyk will be the chairman of the board for the new entity. Researchers believe quantum computers can operate millions of times faster than today’s advanced supercomputers.
“To really accelerate our path into developing full quantum capabilities for quantum solutions, solving customers’ problems, we felt this was the shortest, most compelling path,” stated Honeywell CEO Darius Adamczyk.
CQC, CEO & Founder Ilyas Khan will be the CEO of the new venture, which is yet to be named. He further informed that CQC who has been a founder member of IBM’s quantum ecosystem will continue to work with IBM and other quantum computer makers, even after the joint venture is formed.
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