On Friday, March 20, Singapore-headquartered quantum software company Horizon Quantum officially began trading on the Nasdaq under the ticker symbol HQ. This follows its previously announced business combination with dMY Squared Technology Group, Inc., a publicly traded special purpose acquisition company.
The closing of the merger provides Horizon Quantum with gross proceeds of approximately $120 million, before transaction expenses, which 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.
“Recent rapid progress in advancing quantum computing hardware and breakthroughs in error correction mean that the field is reaching an inflection point. 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,” said Dr Joe Fitzsimons, Founder and CEO 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.”
Harry You, Chairman and CEO of dMY, said, “Over the tenure of my career, I have witnessed many technology companies triumph, and I have found that the ones who are most successful in building long-term shareholder value have been those that build software infrastructure and operating systems. 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.”
Following the merger, Horizon Quantum will welcome new board members Danielle Lambert, formerly of Apple, Peter Oey of Grab Holdings Ltd., Jill Turner of Broadcom Inc., and Harry You, Chairman of dMY.
