Horizon Quantum Computing, the Singapore-based developer of advanced software development tools for quantum computers, has planned for $500 million merger with dMY Squared Technology Group, a publicly traded special purpose acquisition company led by Harry You.

Horizon Quantum said in a statement on Wednesday that the duo have jointly announced on that they have entered into a non-binding letter of intent (LOI) for a business combination. The combined company is expected to be publicly listed.

According to the statement, the quantum computing revolution promises unprecedented computational power, but the complexity of translating real-world problems into quantum solutions remains a significant challenge.

Horizon Quantum is creating a new generation of programming tools to simplify and expedite the process of developing software for quantum computers, together with compilers and a runtime environment that extends the capabilities of today’s quantum computers.

Its breakthroughs to date lay the foundation for the world’s first quantum operating system, mirroring the emergence of Windows and DOS in classical computing.

“We are excited to partner with the dMY team because of their experience in enterprise hardware and software as well as their success as pioneers in the quantum computing industry,” said Dr. Fitzsimons, Founder and CEO of Horizon Quantum.

“While quantum hardware continues to advance, the true revolution lies in enabling users to harness these powerful systems for solving real-world challenges,

“The ‘applications bottleneck’ represents a critical barrier between quantum computing’s theoretical promise and practical impact — one that our team is committed to breaking through,” he added.

Meanwhile, Harry You, Chairman of dMY Squared, said that Quantum computing application development addresses the critical gap between advancing hardware capabilities and real-world implementation.

“We could not be more pleased and excited to work with Joe and his team at Horizon Quantum, who are working to create a common software platform across different quantum computing hardware approaches,

“From our past experience, we have seen the power of an operating system and management layer to power compute and applications,” he added.

The combined company will be led by Horizon Quantum’s current management team, with Dr. Fitzsimons serving as Chief Executive Officer.

He co-invented universal blind quantum computing, a key technology for securing cloud-based quantum systems, and founded Horizon Quantum after a tenured professorship in Singapore.

The combined company will also benefit from the investing and operational experience of the dMY team, said the statement.

Under the terms of the LOI, the pre-money equity value of Horizon Quantum in the transaction is approximately $500 million.

The parties will announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected to occur in the second quarter of this year, with a closing anticipated before year end.

It is noted that Horizon Quantum is developing a new generation of programming tools to simplify and expedite the process of developing software for quantum computers.

By removing the need for prior quantum computing experience to develop applications for quantum hardware, the firm’s tools are making the power of quantum computing accessible to every software developer.

The company was founded by Dr. Joe Fitzsimons in 2018, a former professor with two decades of experience in quantum computing and computational complexity theory.

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