By Aishwarya Jain

(Reuters) – Honeywell International said on Tuesday its quantum computing company, Quantinuum, was valued at $5 billion after a $300 million equity funding round, anchored by JPMorgan Chase.

Mitsui & Co and Amgen also participated in the latest round, which took the total capital raised by Quantinuum since inception to about $625 million.

Companies are exploring ways to develop and scale quantum capabilities to solve complex problems such as designing and manufacturing hydrogen cell batteries for transportation.

Quantinuum’s technologies are used by companies such as Airbus, BMW Group, Honeywell, HSBC and JPMorgan Chase.

“Financial services has been identified as one of the first industries that will benefit from quantum technologies,” said Lori Beer, global chief information officer at JPMorgan Chase.

Honeywell, which remains Quantinuum’s majority shareholder, said the funds will be used for developing fault-tolerant quantum computers, while also extending the quantum computing company’s software offering.