European quantum computing startup takes its funding to €32M with fresh raise

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.

IQM has hired a lot of engineers in its short life, and now says it plans to hire “one quantum engineer per week” on the pathway to commercializing its technology through the collaborative design of quantum-computing hardware and applications.

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.

The news comes as the Finnish government announced – only last week – that it would acquire a quantum computer with €20.7M for the Finnish State Research center 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,” rejoices Prof. Mikko Möttönen, Chief Scientist and co-founder of IQM.

Previously, the German government said it would put €2bn into commissioning at least two quantum computers.

IQM thus now plans to expand its operations in Germany via its team in Munich.

“IQM will build co-design quantum computers for commercial applications and install testing facilities for quantum processors,” said Prof. Enrique Solano, CEO of IQM Germany.

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.

IQM was one of the 72 to succeed in the selection process of the EIC. Altogether 3969 companies applied for this funding.