Quantinuum, a quantum computing company, has successfully closed a $500 million funding round, valuing the company at approximately $5 billion. The investment was led by JPMorgan Chase and also included participation from Mitsui & Co and Amgen, as well as a follow-on investment from Honeywell. Quantinuum was established in 2021 as a result of a merger between Cambridge Quantum Computing and Honeywell Quantum Solutions. The funds from the funding round will be used to further progress towards the development of the world's first fault-tolerant quantum computers. While quantum computers are still largely experimental, various companies, universities, and government laboratories are working on creating error-free systems. IBM, identified as the industry leader, has set a target of 2029 to reach an "inflection point" in quantum computing, while QuEra, a spinout of MIT and Harvard, expects to achieve fault tolerance by 2026. The use of quantum computing in fintech has the potential to significantly enhance applications such as portfolio management and risk management by processing large amounts of data quickly and accurately. Read more AI-generated news on: https://app.chaingpt.org/news
