IQM secures EUR 275 million to accelerate global growth – Ten Eleven Ventures and Tesi lead the round
IQM Quantum Computers (IQM), a global leading quantum computing company, has raised EUR 275 million in growth funding to scale its operations globally in what is one of the largest rounds ever in the quantum space. The round was led by both U.S.-based Ten Eleven Ventures, marking IQM’s first American investor, and Finland’s state-owned investment company Tesi (Finnish Industry Investment Ltd).
This funding round, one of the largest ever in the quantum sector globally, will enable IQM to expand its production capabilities and data center infrastructure, while accelerating its growth in the U.S. market. The participation of Ten Eleven Ventures represents a major milestone for IQM, reinforcing its international appeal and strategic direction.
In addition to Ten Eleven Ventures and Tesi, the round included several new and existing investors: Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors that include companies of Schwarz Group and Winbond Electronics Corporation, and public investors such as the European Innovation Council and Bayern Kapital.
As a state-owned investment company, Tesi plays a key role in driving Finland’s economic growth, renewal, and investment landscape. Its continued support strengthens IQM’s ability to build critical infrastructure and deep tech expertise in Finland. In addition to further investments into IQM´s chip fabrication in Finland, the funding will, for instance, also support research and development aimed at achieving fault-tolerant quantum computing in the near term.
“Tesi’s new investment strategy now enables scalable growth for domestic deep tech companies like IQM in a way that attracts international players and private capital. At the same time, it anchors Finnish ownership, expertise, and wealth creation in Finland,” says Pia Santavirta, CEO of Tesi.
Founded in 2019 as a spin-off from Aalto University, IQM develops superconducting quantum computers based on quantum circuits. The company designs and manufactures quantum processors in Espoo and provides quantum computing solutions and optimizations for research and industrial applications. IQM has expanded its operations to Germany, France, Italy, Japan, Poland, Spain, Singapore, South Korea, and the United States.
“Deep tech is a growth sector where Finland has world-class expertise. IQM is a prime example: it has grown rapidly, internationalized to become a market leader in its field, and sparked new innovation activity in Finland,” says Juha Lehtola, Director of Venture and Growth Investments at Tesi.
“Over the last 12 months, we have deployed more quantum computers in the world than any manufacturer, and thanks to continuing investment from Tesi, we will accelerate our tech roadmap towards error-corrected systems from a thousand to a million qubits and focus on expansion into other global markets. We continue to invest now significantly in our software stack and look for strategic growth opportunities globally,” says Mikko Välimäki, Co-CEO of IQM Quantum Computers, and continues: “Finland is Europe’s quantum powerhouse, and we will continue to collaborate with local quantum ecosystem players, while our systems enable companies, universities and research institutions to develop applications, which will be a key competitive advantage for Finland. We continue to invest significantly in our software stack and look for strategic growth opportunities globally.”
Tesi made its initial investment in IQM in 2019. Including the most recent announcement, Tesi has participated in every funding round of IQM. In total, IQM has raised some EUR 600 million in growth funding.
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Additional information:
press@meetiqm.com or Michael Bruce, Public Relations Manager
michael.bruce@meetiqm.com
+358504790845
Juha Lehtola, Director, Venture and Growth Investments
juha.lehtola@tesi.fi
+358 400 647 671
Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses. tesi.fi | X (Twitter) | LinkedIn | Instagram | Bluesky | Threads | Newsletter
IQM is a global leader in superconducting quantum computers. IQM provides both on-premises full-stack quantum computers and a cloud platform to access its computers. IQM customers include the leading high-performance computing centers, research labs, universities, and enterprises that have full access to IQM’s software and hardware. IQM has over 300 employees with headquarters in Finland and a global presence in France, Germany, Italy, Japan, Poland, Spain, Singapore, South Korea, and the United States. www.meetiqm.com