JPMorgan Chase has led a $300 million funding round in Quantinuum, an integrated quantum computing company.

Quantinuum said the funds will be used to develop the world’s first universal fault-tolerant quantum computers, while also increasing the firm’s product range.

JPMorgan Chase has specialist teams working on quantum technologies within the financial services industry and has been working with Quantinuum and its predecessor companies since 2020.

The company was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and is also one of the most active corporate partners that employs Quantinuum’s software development kit, known as “TKET.”

Other participants in the equity fundraise include general trading company Mitsui & Co., BioTech firm Amgen and integrated operating company Honeywell which is the majority shareholder of Quantinuum.

Since it formed, Quantinuum has raised around $625 million, with the latest funding round giving Quantinuum a valuation of around $5 billion.

A range of companies use Quantinuum’s technology including BMW Group, HSBC and Airbus. Quantinuum said these firm use quantum for a variety of reasons such as manufacturing battery cells and developing materials to capture carbon emissions.

“Financial services has been identified as one of the first industries that will benefit from quantum technologies,” said Lori Beer, global chief information officer at JP Morgan Chase. “As such, we have been investing in quantum research and our team of experts – led by Dr. Marco Pistoia – have made ground breaking discoveries, partnering with quantum computing leaders like Quantinuum.

“We look forward to continuing to work together to positively impact our businesses, customers and the industry at large.”

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