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Singapore-based software firm Horizon Quantum Computing has agreed to merge with blank-cheque company dMY Squared Technology in a deal that would take it public at a pre-money valuation of $500 million.
Horizon Quantum is backed by the Singapore government-owned innovation platform SGInnovate, Chinese internet giant Tencent, and venture capital firm Peak XV Partners.
In a statement, Horizon said the combined entity will be listed in the US and led by the quantum software firm’s CEO Joe Fitzsimons.
The two firms expect to finalise a definitive merger agreement in the second quarter, with the transaction anticipated to close by year-end. The deal remains subject to due diligence, regulatory approvals, and shareholder consent.
dMY Squared Technology Group is a New York Stock Exchange-listed special purpose acquisition company (SPAC) led by Harry You.
SPACs raise capital via traditional IPOs to acquire a privately held company. A merger with the publicly traded SPAC provides a private company with a cheap and fast listing route.
Horizon Quantum is developing software tools and a runtime environment aimed at bridging the gap between quantum hardware and real-world applications. The company is also working toward creating a quantum operating system.
The company, founded in 2018, created a programming language called Helium for quantum computers, designed to make it easier to tackle complex problems.
“The true revolution in quantum computing lies in enabling users to harness these systems for real-world challenges,” Fitzsimons said.
Horizon Quantum Computing’s top shareholders
The company announced in 2023 that it raised $18.1 million in Series A funding from Peak XV, Tencent, SGInnovate, Pappas Capital, and Expeditions Fund to expand its engineering team and speed up product development.
Peak XV and SGInnovate led Horizon’s Seed+ and Seed rounds respectively.
The proposed business combination through a SPAC merger comes as new SPAC IPO activity picked up pace in the second half of 2024 and continued to grow, according to publicly available data.
At the end of 2024, 57 SPAC IPOs raised $9.6 billion in total. Seventy-three business combinations valued at almost $38 billion also closed last year. In 2023, according to EY’s Global IPO Trends, only 29 SPAC IPOs raised $3.7 billion.
In October, Ocean Capital Acquisition, a SPAC registered in Singapore, refiled an application for an IPO in the US. It originally filed for a US IPO with the Securities and Exchange Commission (SEC) in June 2022 but withdrew its filing in July.
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