IQM secures 320M funding for quantum computing growth

IQM Quantum Computers has secured a significant milestone by raising $320 million (€275 million) in Series B funding, marking a major step towards accelerating quantum computing growth and expanding its global presence. This round of funding, the largest of its kind outside the US, brings IQM’s total funding to an impressive $600 million.

For readers of eeNews Europe, this achievement highlights the strengthening role of Europe in the quantum computing landscape, while also attracting substantial investment from the US.

Record Round Led by US Investor

The Series B funding was spearheaded by Ten Eleven Ventures, a US-based venture capital firm specializing in cybersecurity, with continued backing from Finnish investment company Tesi. Other notable participants in the round included Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Winbond Electronics, Companies of Schwarz Group, Bayern Kapital, and the European Innovation Council (EIC) fund.

Dr. Jan Goetz, Co-Founder and Co-CEO of IQM, expressed enthusiasm about the funding round, stating, “This investment will drive our company’s growth, enabling us to accelerate our tech roadmap towards error-corrected systems spanning from thousand to million qubits. The addition of Ten Eleven as our first US-based investor marks a pivotal moment for IQM, and securing the right venture partner in the US was crucial for scaling our technology and delivering value to our partners and customers.”

This funding injection comes at a time when governments and businesses worldwide are heavily investing in quantum computing capabilities. IQM, known for developing full-stack superconducting quantum computers, has emerged as a prominent European player in both on-premises quantum deployments and cloud-based solutions.

Expansion Plans and Technological Advancements

The newly acquired funds will be channeled towards expanding IQM’s commercial footprint, scaling its data center infrastructure, and further investing in its chip fabrication facilities located in Finland. The company’s ultimate goal is to achieve fault-tolerant quantum computing, with aspirations to scale from thousands to one million qubits supported by advanced error reduction and correction techniques.

Alex Doll, Co-founder and Managing General Partner at Ten Eleven Ventures, emphasized the synergies between cybersecurity and quantum technologies, stating, “The evolving relationship between cybersecurity and quantum technologies presents opportunities for valuable counsel, capital, and connections to the IQM team.” Doll will also join IQM’s board of directors as part of the investment deal.

Tesi, an early supporter of IQM, has reaffirmed its commitment to the company. Juha Lehtola, Director of Venture and Growth Investments at Tesi, commended IQM’s progress on its technology roadmap, production capabilities, and customer deliveries, highlighting the company’s distinct position in the market. Tesi’s increased investment reflects its confidence in supporting IQM’s next phase of growth.

Intensifying Quantum Competition

The substantial funding secured by IQM underscores Europe’s growing competitiveness against its US and Chinese counterparts in the quantum computing arena. By focusing on scaling hardware and developing commercially viable solutions, IQM aims to drive adoption across industries such as secure communications and high-performance computing.

With the largest Series B funding in the quantum sector outside the US to date, IQM is not only establishing itself as a leader in Europe but also positioning itself as a formidable global player in the race towards practical quantum computing.