Japanese conglomerate Mitsui & Co., Ltd. (Mitsui) recently invested $50 million in Colorado-based quantum computing company, Quantinuum, as part of the latter’s $300 million equity fundraising endeavor, led by JPMorgan Chase and Honeywell, Quantinuum’s majority shareholder.
The strategic investment, announced in January 2024, is expected to catalyze Quantinuum’s objective of pioneering the world’s first fault-tolerant quantum computer while diversifying its suite of leading quantum software offerings.
The investment comes after the recent G7 summit held in Hiroshima, Japan, where both Japanese Prime Minister Fumio Kishida and U.S. President Joe Biden reaffirmed their commitment to close cooperation in the areas of quantum technology and artificial intelligence.
“We are deepening our cooperation on emerging technologies, including new partnerships between the United States and Japanese companies in areas like quantum computing,” President Biden told summit participants, according to the Japan Times.
In a joint press release with Mitsui, Quantinuum CEO Rajeeb Hazra expressed his eagerness in the venture: “The confidence in our business demonstrated through this investment by our longstanding strategic partners and industry leaders is a clear indication of the value we will continue to create.”
Beyond the investment, the partnership between Mitsui and Quantinuum extends to a distribution agreement that will facilitate the U.S. company’s entry into the Japanese and broader Asia-Pacific markets.
Leveraging Mitsui’s experience across diverse global industries, the collaboration aims to market Quantinuum’s knowledge, know-how, and solutions to advanced users already harnessing the power of quantum computing. Initial offerings will focus on the quantum cybersecurity domain.
By integrating Mitsui’s experience in a wide range of global industries and Quantinuum’s advanced quantum computing technology, both entities are poised to accelerate the development of quantum computing use cases, create innovative business models, and augment existing customer offerings.
How big is the quantum computing industry?
Boston Consulting Group projects that the quantum computing industry will become a $450-$850 billion industry by the end of 2035 and will grow in sectors such as healthcare, financial services, cybersecurity, material development, and logistics.
