Europe is on its way to quantum leadership: IQM raises 39 M€ in Series A funding

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, andTencent, have also joined this round.

“IQM has a strong track record of research and in achieving high growth. They continue to attract the best global talent across functions and have exceeded their hardware and software milestones. We are thrilled to lead this round and continue to support IQM as the company accelerates its next phase of business and hardware growth,” said Axel Thierauf, Partner at MIG Fonds, and Chairman of the Board of IQM.

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.

”Today’s announcement is part of our ongoing Series-A funding round. I am extremely pleased with the confidence our investors have shown in our vision, team, product, and the ability to execute and commercialize quantum computers. This investment also shows their continued belief in building the future of quantum technologies. This is a significant recognition for our fantastic team that has achieved all our key milestones from the previous round. We’re just getting started,” said Jan Goetz, CEO of IQM.

“It is impressive to be a part of the IQM journey and see the progress of their technology. We’re proud to see another startup from Finland making a global impact. IQM will have a lasting impact on the future of computing, and consequently will help solve some of the global challenges related to healthcare, climate change and development of sustainable materials among many others,” said Juha Lehtola, Head of Direct VC Investments at Tesi (Finnish Industry Investment).

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.

“We want to invest in deep technology startups that shape the future and advance society. IQM is the perfect example of a company that is on top of its game; their work on quantum computing will make an impact for generations to come,” said Herbert Mangesius, Founding Partner at Vsquared and Vito Ventures.

While quantum computing is still under development, governments and private organizations across the world are investing today to retain their competitive edge and become quantum-ready for the future. The next decade will be the decade of quantum technology, and we will see major breakthroughs with real-world applications using quantum computers in healthcare, logistics, finance, chemistry and beyond.

IQM Quantum Computers:
IQM is the European leader in superconducting quantum computers, headquartered in Espoo, Finland. Since its inception in 2018, IQM has grown to 70+ (TBC) employees and has also established a subsidiary in Munich, Germany, to lead the co-design approach. IQM delivers on-premises quantum computers for research laboratories and supercomputing centers and provides complete access to its hardware. For industrial customers, IQM delivers quantum advantage through a unique application-specific co-design approach. IQM has also received a 3.3 M€ grant from Business Finland and has been awarded a 15 M€ equity investment from the EIC Accelerator program.

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.6 billion euros. Ambition for ownership and success www.tesi.fi | @TesiFII