European Deep-tech Champion IQM Receives €20M in New Funding

IQM quantum computer

writer icon Peter Karlsson     IQM   |   Investment     🕐 16. Jun. 2020

The Finnish quantum computer hardware company, IQM Finland Oy (IQM), have been awarded a €2.5M grant and up to €15M of equity investment from the EIC Accelerator program for the development of quantum computers.

IQM's goal is to develop quantum computers, benefiting the industry and the society at large.
In their quest to do so they have set up a fully functional research lab in record time, and hired the largest industrial quantum hardware team in Europe.

Together with Business Finland grants of €3.3M that IQM received so far, the company is on a fast run with more than €20M more raised in less than a year from its €11.4M seed round, summing in total to €32M.

Benefits of the Investment
With the help of this new €20M, IQM will hire one quantum engineer per week and take an important next step to commercialise the technology through co-design of quantum-computing hardware and applications.

"Quantum computers will be funded by European governments, supporting IQM's expansion strategy to build quantum computers in Germany," said Dr. Jan Goetz, CEO and co-founder of IQM.

The new funding also supports IQM's recent establishment of its new underground quantum computing infrastructure capable of housing the first European farm of quantum computers.

IQM Welcomes Collaborations
IQM provides the full hardware stack for a quantum computer, integrating different technologies, and stated in their press release that they invite collaborations with other quantum software companies.

Government Supports Quantum Computers
At the beginning of June 2020, the Finnish government announced they will support the acquisition of a quantum computer with €20.7M for the Finnish State Research centre VTT.

"It has been a mind-blowing forty-million past week for quantum computers in Finland. IQM staff is excited to work together with VTT, Aalto University, and CSC in this ecosystem," rejoiced Prof. Mikko Möttönen, Chief Scientist and co-founder of IQM.

This announcement was followed by the German government with €2b and to immediately commission the construction of at least two quantum computers. IQM sees this as an ideal point to expand its operations in Germany.

"With our growing team in Munich, IQM will build co-design quantum computers for commercial applications and install testing facilities for quantum processors," stated Prof. Enrique Solano, CEO of IQM Germany.

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