Espoo-based IQM Quantum Computers, which builds superconducting quantum computers for on-site and cloud use, has raised €275 million in its latest funding round, bringing total investment to $600 million.
- Launched in 2018 by Dr. Jan Goetz and Dr. Juha Vartiainen, IQM Quantum Computers develops superconducting quantum computers that integrate hardware, control electronics, and software for both on-premises deployment and cloud access.
- The company has over 300 employees and maintains offices in Espoo, Madrid, Munich, Palo Alto, Paris, Singapore, and Warsaw, reflecting its global footprint.
- IQM’s systems operate using superconducting qubits cooled to near absolute zero, enabling quantum states to be manipulated and entangled to perform calculations that classical computers cannot.
- Its chip fabrication facility in Finland develops and tests quantum processors, with research focused on scaling qubit counts and achieving error-corrected, fault-tolerant computing.
- Through its cloud platform, researchers and institutions can remotely access quantum hardware to run algorithms and analyze results, facilitating experimentation without physical access.
Details of the deal
- The Series B funding round was led by US-based Ten Eleven Ventures, with participation from Tesi, Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Schwarz Group, Winbond Electronics Corporation, the EIC Fund, and Bayern Kapital.
- IQM will use the Series B funding to develop error-corrected quantum systems, expand its US and global presence, scale data center and assembly infrastructure, invest in Finnish chip fabrication for fault-tolerant research, and enhance both on-premises and cloud quantum computing services.
“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits. We also focus on strong business expansion in the U.S. and other global markets based on our attractive on-premises offerings for quantum computers,” claims Dr. Jan Goetz, co-founder and Co-CEO of IQM Quantum Computers.
