IQM raises €35m for sovereign quantum supply chain
IQM Quantum Computers has raised €35m to expand its manufacturing capability in Finland.
The funding from the European Investment Bank (EIB) will be used to accelerate the development and commercialisation of its quantum processors built at Europe’s first quantum-dedicated fabrication facilities in Espoo.
The loan is part of the European Guarantee Fund’s venture debt product introduced to provide liquidity to small and medium-sized companies and is a key part of developing sovereign production capability in Europe.
The funding follows the opening of IQM’s first quantum processor fabrication facility in Finland. The initial tranche of the EIB funds will also be used to accelerate material research and develop its quantum processors. This will give IQM ‘full control’ over quantum processor development and strengthen its European leadership, says the company.
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“Today’s chips shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia. Quantum processors give us an opportunity to learn from this and become self-reliant first, and a global provider for quantum chips in the future,” said Dr Jan Goetz, CEO of IQM. “This EIB loan supports us in building more balanced and resilient quantum development in Europe. We are already working on the most advanced quantum technology in Europe and this loan will also help us create the next-generation European quantum ecosystem.”
“Quantum computing is still at an early stage. However, it has the potential to revolutionise many sectors, from drug and vaccine development to cybersecurity. Given the scale of the potential impact, global competition in quantum computing is fierce. Ensuring that companies such as IQM are well-funded is key to positioning Europe as a technological leader worldwide,” said EIB President Werner Hoyer.
“As we consider quantum computing as a sector of strategic importance, we are glad to support the Finland-based company IQM. With our financing, we not only sustain and create jobs within a highly innovative industry, but we also place ourselves squarely behind technological know-how,” said EIB Vice-President Thomas Östros. “Europe has a strong tradition of quantum research, and funding IQM ensures that the results of this research will be put into practice in real-world innovations.”
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