IQM raises €39 M in Series A funding

Founders: From left to right: Dr. Jan Goetz, CEO, Co-founder of IQM, Prof. Mikko Möttönen, Chief scientist, Co-founder of IQM, Dr. Kuan Yen Tan, CTO, Co-founder of IQM, Dr. Juha Vartiainen, COO, Co-founder of IQM

IQM Quantum Computers (IQM), the Finnish builder of superconducting quantum computers, has just announced that it has raised €39 M in Series A funding, bringing the total amount of funding raised to date to €71 M.

This ranks among the highest fundraising rounds by a European deep-tech startup within a year. MIG Fonds has led this round, with participation from all existing investors including Tesi, OpenOcean, Maki.vc, Vito Ventures, Matadero QED. New investors Vsquared, Salvia GmbH, Santo Venture Capital GmbH, and Tencent, have also joined this round.

Since 2019, IQM has been among the fastest-growing companies in the quantum computing sector and already has one of the world’s largest quantum hardware engineering teams. This funding will be used to accelerate IQM´s hardware development and to co-design application-specific quantum computers. A significant part of the funding will also be used to attract and retain the best global talent in quantum computing, and to establish sales and business development teams.

IQM delivers on-premises quantum computers for research laboratories and supercomputing centers. For industrial customers, IQM follows an innovative co-design strategy to deliver quantum advantage based on application-specific processors, using novel chip architectures and ultrafast quantum operations. IQM provides the full hardware stack for a quantum computer, integrating different technologies, and invites collaborations with quantum software companies.

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