As announced, the new company is to build high performance quantum computer and a full suite of quantum software, including the first and most advanced quantum operating system. In addition, the technologies is intended to support customer needs for improved computation in areas including cyber security, drug discovery and delivery, material science, finance, and optimization across all major industrial markets.
“Joining together into an exciting newly combined enterprise, HQS and CQC will become a global powerhouse that will develop and commercialize quantum solutions that address some of humanity’s greatest challenges, while driving the development of what will become a $1 trillion industry,” said Ilyas Khan, CEO and founder of CQC
“I am excited to lead a company that has the best people and technologies in the quantum computing industry and the best and boldest clients. Together we will lead the industry as it grows and matures, and create tangible, credible, provable and science-led advances.”
Honeywell’s expectation is that Quantum computing will remain a key breakthrough initiative for the company with the intention of focusing more on the advancement of natural language processing to fully leverage the possibilities of quantum artificial intelligence through the new company.
“Since we first announced Honeywell’s quantum business in 2018, we have heard from many investors who have been eager to invest directly in our leading technologies at the forefront of this exciting and dynamic industry – now, they will be able to do so. The new company will provide the best avenue for us to onboard new, diverse sources of capital at scale that will help drive rapid growth,” said Darius Adamczyk, Chairman and Chief Executive Officer of Honeywell.
According to Honeywell, the combination is expected to be completed in the third quarter of 2021, subject to regulatory approvals and customary closing conditions. However upon completion, Honeywell’s Chairman and CEO is to serve as chairman while the CEO and founder of CQC will be the lead as well as Tony Uttley – the president of HQS, will serve as the new company’s president.