JPMorgan Chase Leads $500M Funding Round Honeywell-Cambridge Quantum
Mitsui & Co and Amgen joined the fundraiser that saw the firm value edge closer to $5B.
Quantinuum, a quantum computing firm, recently closed a $500M funding round whose valuation was nearly $5B.
JP Morgan Chase led this round and was joined by Mitsui & Co and Amgen. Further, Honeywell joined with a subsequent investment. The firm was established in 2021 and is a merger spinout of Cambridge Quantum Computing and Honeywell Quantum Solutions.
Quantum Funding
A press release showed that the funds will be utilized to ‘quicken the path towards attaining the globe’s first universal fault-tolerant quantum computers. Lori Beer, JPMorgan Chase’s global chief information officer (CIO), stated that collaborating with Quantinuum could be appropriate for financial technology. In this case, financial services is one of the initial industries that capitalize on quantum technologies. Hence, JPMorgan has invested in quantum research, and the professionals have made crucial discoveries.
Fault Tolerance in Quantum System
Quantum computers exist at present. However, they are often untested. The objective of an entirely fault-tolerant quantum system with quantum advantage is still out of reach. Quantum advantage entails executing functions that classical computers cannot carry out.
Several firms, higher learning institutions, and government labs are working to develop quantum computers free from errors. For instance, according to several experts, IBM, an industry leader, has a 2029 target to attain an ‘inflection point’ in quantum pointing. In the meantime, QuEra, the MIT/Harvard spinout, anticipates to achieve fault tolerance by 2026.
Quantum Financial Technology
A major technological hurdle in fintech is the idea that binary computers are not quite excellent at processing considerable variable amounts in real-time. On the contrary, quantum computers are envisaged to have the ability to take relatively colossal data amounts and process them within the shortest time possible. This is because quantum bits (qubits) can execute calculations by leveraging quantum mechanics.
Due to this, several experts are confident that fintech apps, for instance, risk management and portfolio management, might become more precise with the arrival of the quantum computing system with quantum advantage in the appropriate computational areas.
Editorial credit: Poetra.RH / Shutterstock.com
