December 1, 2022

IQM Quantum startup takes a total €32M funding

IQM Finland Oy (IQM), a European startup which makes hardware for quantum computers, has raised a €15M equity investment round from the EIC Accelerator program for the development of quantum computers. This is in addition to a raise of €3.3M from the Business Finland government agency. This takes the company’s funding to over €32M. The company previously raised a €11.4M seed round.

The company is focusing on superconducting quantum processors, which are streamlined for commercial applications in a “Co-Design” approach. This works by providing the full hardware stack for a quantum computer, integrating different technologies, and then invites collaborations with quantum software companies.

Dr. Jan Goetz, CEO and co-founder of IQM said: “Quantum computers will be funded by European governments, supporting IQM ́s expansion strategy to build quantum computers in Germany,” in a statement which echoed to the recently disclosed Germany’s quantum strategy into commissioning at least two quantum computers.

The news comes as the Finnish government has announced that it would acquire a quantum computer with €20.7M for the Finnish State Research center VTT. (TechCrunch)

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