Singapore-based, but founded by Irishman Dr Joe Fitzsimons, Horizon Quantum begins trading on the Nasdaq today under the HQ symbol.
Horizon Quantum Computing specialises in software infrastructure for quantum applications, and yesterday (19 March) announced it had completed the previously announced merger with the special purpose acquisition company (SPAC) dMY Squared Technology Group.
“Recent rapid progress in advancing quantum computing hardware and breakthroughs in error correction mean that the field is reaching an inflection point,” said Dr Joe Fitzsimons, Founder and CEO of Horizon Quantum. “With today’s closing and our Nasdaq listing, Horizon Quantum is positioned to deliver the software infrastructure that will power this next phase of computing and help enable broad quantum advantage across tough computational problems.”
“While there is still much work needed before quantum computers reach their full potential, with more than 20 years in quantum computing research, I have never been more excited about the prospects and future of the technology.”
“Horizon Quantum is compelling because the company is approaching the quantum industry with hardware-agnostic software infrastructure that stands to benefit regardless of which way the market share ultimately falls across the competing quantum modalities, including the cloud,” said Harry You, Chairman and CEO of Las Vegas-based dMY.
Horizon Quantum says the closing of the merger yesterday provides it with gross proceeds of some $120m before transaction costs. It says this injection of cash will be used to “accelerate its investments in research and development, strengthen its hardware testbed, and further advance its integrated development environment Triple Alpha”.
Horizon Quantum is developing a way to transform programmes written in conventional programming languages such as C or Python into accelerated quantum applications. To accomplish this, the company has created a method to automatically construct quantum algorithms from conventional languages in a way that preserves the code’s original functioning in a process called algorithm synthesis.
Fitzsimons, a former professor at the Singapore University of Technology and Design and the president of the Southeast Asia Quantum Industry Association, also co-invented universal blind quantum computing – technology used to secure cloud-based quantum systems. Horizon Quantum raised $18.1m in a Series A funding round in 2023.
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