Horizon Quantum Computing Pte. Ltd., a Singapore-based software infrastructure for quantum applications, has been listed as a special purpose acquisition company in the United States following the business combination with dMY Squared Technology Group, Inc. (dMY).
Horizon Quantum said in a statement on Thursday that the closing of the business combination provides the firm with gross proceeds of approximately $120 million, before transaction expenses.
The company plans to use to accelerate its investments in research and development, strengthen its hardware testbed, and further advance its integrated development environment Triple Alpha.
Horizon Quantum is a firm building software infrastructure that support developers to use quantum computing to solve computational problems.
“Recent rapid progress in advancing quantum computing hardware and breakthroughs in error correction mean that the field is reaching an inflection point,
“With 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,” said Dr Joe Fitzsimons, Founder and Chief Executive Officer of Horizon Quantum.
“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,” he added.
Harry You, Chairman and Chief Executive Officer of dMY, said 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.