Hewlett-Packard Company and the Massachusetts Institute of Technology (MIT) announced on 8 August 2001 the launch of a joint effort aimed at building quantum information systems. According to an HP press release, the project will receive $US 2.5 million in funding over a 4.5 year period. Researchers from HP Labs in Palo Alto and Bristol, U.K., will work with Professors Neil Gershenfeld and Issac L. Chuang the MIT Media Lab, as well as Dr. Seth Lloyd, an Associate Professor at MIT's Mechanical Engineering Department and a leading theorist of quantum computing. "With HP's success in molecular electronics research and MIT's expertise in quantum computing, we have a powerful one-two punch for the advancement of quantum information systems," said HP Fellow Stan Williams, director of quantum science research at HP Labs.
HP was granted another molecular electronics patent in July 2001.