A British start-up working on quantum computing technology is to merge with part of an American industrial conglomerate in a deal that the companies say will create a “global powerhouse” in the promising field.
Cambridge Quantum Computing, which was founded seven years ago by a former banker who once served as chairman of Accrington Stanley Football Club, will merge with the quantum computing business of Honeywell, a $160 billion company.
Honeywell will inject between $275 million and $300 million into the new venture, giving it a 55 per cent stake. Cambridge’s backers, including Ilyas Khan, its founder, will own the remaining 45 per cent.
Quantum computers promise to enable scientists to easily model the microscopic and atomic world. They could revolutionise drug development, chemical engineering…
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