(Reuters) -Honeywell said on Thursday its quantum computing company, Quantinuum, had raised about $600 million from investors including Nvidia’s venture capital arm at a valuation of $10 billion.
The latest round, which doubles Quantinuum’s valuation from $5 billion in January 2024, saw new investments from Quanta Computer, QED Investors and NVentures – Nvidia’s venture capital arm.
The funding also saw participation from existing shareholders JPMorgan Chase, Mitsui and Quantinuum’s majority owner, Honeywell, among others.
Tech giants such as Nvidia are rushing to adopt quantum computing, which can solve complex problems that would take conventional computers thousands or millions of years.
Nvidia opened a quantum computing research lab in Boston earlier this year, which works with quantum firms including Quantinuum.
Quantinuum has been in the process of raising funds in preparation for a spinoff in an initial public offering, estimated to take place by the end of 2027, Honeywell CEO Vimal Kapur said in an earnings call in July.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shreya Biswas)
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