IQM raises €128m in Europe’s largest quantum computing round

IQM raises €128m in Europe’s largest quantum computing round

Business news |
By Nick Flaherty

IQM Quantum Computers in Finland has raised €128m ($128m) to scale up its quantum computer technology in the biggest round of funding in Europe so far.

The Series A2 funding was led by World Fund and follows a €39m ($39m) Series A1 announcement in 2020 and includes part of a €35m ($35m) venture loan from the European Investment Bank (EIB) announced earlier this year. This brings the total investment raised so far to €232m.

The round included participation from Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma, as well as existing investors, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared.

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The funding will be used to expand its international business and accelerate product development to tackle the world’s most pressing problems.

IQM is also the only purely European company that is already delivering full-stack quantum systems. Quantinuum provides a full stack system through the merger of Cambridge Quantum ?? with Honeywell’s US-based quantum business, which is backed by a $300m investment. PsiQuantum in California is also developing a full stack photonic quantum computer with backing of $665m as the best funded quantum computer startup globally.

IQM’s on-premise 5 qubit quantum computers are currently used by research laboratories and supercomputing centres to address challenging problems in healthcare, finance, logistics and chemistry. The company has a co-design strategy that enables industrial customers to work closely with IQM to achieve quantum advantage based on application-specific processors and is developing a 54 qubit system.

The new investment will allow more resources for co-designing quantum computer processors to provide solutions to tackle the climate crisis in areas such as energy grid optimisation and climate modelling. The company is already exploring novel approaches to develop better battery solutions with a leading car manufacturer, as well as methods for new material design and quantum algorithms that can be used to tackle climate problems.

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IQM is building Finland’s first 54-qubit quantum computer with VTT scheduled for 2024 and an IQM-led consortium (Q-Exa) is also building a quantum computer in Germany. This computer will be integrated into an HPC supercomputer to create a quantum accelerator for future scientific research. IQM has over 180+ employees with offices in Paris, Madrid, Munich and Espoo.

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