Horizon Quantum Computing Pte. Ltd. has announced a $110 million Private Investment in Public Equity (PIPE) financing to support its proposed business combination with dMY Squared Technology Group, Inc. (OTCQB: DMYY). The PIPE was oversubscribed, with commitments from key strategic investors, including IonQ, Inc. and a Fortune 50 technology company, alongside institutional investors.
The net proceeds from the transaction will be used to accelerate Horizon Quantum’s investments in R&D, strengthen its hardware testbed (which was recently deployed in Singapore), and further advance its Triple Alpha integrated development environment (IDE). Following the expected closing of the business combination in Q1 2026, Horizon Quantum expects to have access to approximately $137 million in cash (prior to transaction costs).
The participation of major quantum and enterprise technology companies is positioned as an endorsement of Horizon Quantum’s mission to build software infrastructure that unlocks broad quantum advantage. The funding reinforces the company’s ability to develop its comprehensive, hardware-agnostic software stack, bridging the gap between today’s quantum hardware and tomorrow’s applications.
Read the full announcement here.
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