IQM is a Finnish quantum computing company building machines and applications intended to tackle complex problems in chemistry, machine learning and climate mitigation. The company says its quantum computers could help reduce greenhouse gas emissions within three to five years for some early use-cases and is already working on battery solutions with a leading car manufacturer. IQM plans to spend the new funding on research in battery technology, quantum chemistry and other areas. Investors named in the latest round include World Fund, the European Innovation Council and Tencent. The deal pushes IQM’s post-money valuation near $1 billion, according to a person familiar with the matter. Coverage notes industry-wide hype and skepticism around quantum startups, and IQM itself cautioned that scientific breakthroughs do not follow a set timeline. IQM develops superconducting quantum processors and provides an integrated full hardware stack for quantum computers, pursuing a co-design approach that pairs hardware development with software collaborators. The company said the fresh funding will support development and commercialization of quantum computers and expand operations in Germany, including a team in Munich. IQM plans to build co-designed quantum computers for commercial applications and install testing facilities for quantum processors. It collaborates with Finnish research and academic partners such as VTT, Aalto University, and CSC. The company has been rapidly hiring and says it intends to recruit “one quantum engineer per week” as it scales. IQM’s recent funding increases its total raised capital to over €32M. IQM develops high-speed quantum processors and hardware systems aimed at reducing the error rates that limit quantum computers. The company is advancing innovations in thermal management and other areas to improve computational speed and information accuracy. It intends its hardware work to enable a large-scale quantum computing solution for practical applications. IQM plans to use new capital to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. Leadership includes Dr. Jan Goetz (CEO), Dr. Juha Vartiainen (COO), Prof. Mikko Möttönen (Chief Scientist) and Dr. Kuan Tan (CTO). The article reports a US$13M seed raise to fund these efforts.

Total raised

$158M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2022