UK-based quantum software company Cambridge Quantum Computing (CQC) has completed the previously announced business combination with Honeywell Quantum Solutions (HQS). The combined full-stack quantum entity will be called “Quantinuum”.

Honeywell International will hold 54% of the new entity with an investment between USD 270 million and USD 300 million. Quantinuum expects to go public within the next 12 months and is also considering various options to raise cash, including a special purpose acquisition company (SPAC) listing to fund its quantum computing milestones.

Quantinuum will offer quantum solutions for multiple areas including cyber security and encryption, drug discovery, and material science. It expects to release its first flagship cyber security product in the next few weeks, followed by a quantum chemistry product in 2022.

Quantinuum is believed to enter the quantum computing industry as a strong player, leveraging the synergistic expertise and advanced technologies of both CQC’s software and HQS’ hardware capabilities. The joint venture recently announced a few technical milestones including reaching a quantum volume of 1,024—reportedly the highest thus far—in Quantinuum’s System One H1 quantum computer.