IQM Receives Up to 17.5 Million Euros in Funding From European Commission Accelerator

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IQM
IQM quantum computer design (PRNewsfoto/IQM Finland Oy)

IQM Finland Oy (IQM) has just been awarded a €2.5 million grant and up to €15 million of equity investment for their currently open Series A round from the EIC Accelerator program, for the development of quantum computers, according to the company.

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

The company added that they are also set to unveil our first quantum computer design to set the phase in our technology roadmap.

IQM has experienced amazing growth, set up a fully functional research lab in record time, and also hired the largest industrial quantum hardware team in Europe. With the help of this new €20 million, IQM will hire one quantum engineer per week and take an important next step to commercialize 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 Jan Goetz, CEO and co-founder of IQM.

IQM founders: Dr Kuan Yen Tan (CTO), Prof Mikko Möttönen (Chief Scientist), Dr Jan Goetz (CEO), Dr Juha Vartiainen (COO).

Last week, the Finnish government announced they will support the acquisition of a quantum computer with €20.7 million 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,” said 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,” said Enrique Solano, CEO of IQM Germany.

Quantum computing will radically transform the lives of billions of people. Applications range from game-changing invention of medicine and novel materials to the discovery of economic models and sustainable processes.

“We are witnessing a boost in deep-tech funding in Europe, very important now. For a healthy growth of startups like IQM, we need all three funding channels: (1) research grants to stimulate new key innovations, (2) equity investments to grow the company, (3) early adoption through acquisitions supported by the government. This allows to pool the risk while creating a new industry and business cases,” said Goetz.

IQM is focusing on superconducting quantum processors, which are streamlined for commercial applications in a novel Co-Design approach.

“This brings us closer to quantum advantage thus providing tangible commercial value in near-term quantum computers”

“With the new funding and immense support from the Finnish and the European governments, we are ready to scale technologically. This brings us closer to quantum advantage thus providing tangible commercial value in near-term quantum computers,” adds Dr. Kuan Yen Tan, CTO and co-founder of IQM.

IQM ranks in the top 2% of all European deep tech startups applying for the highly competitive EIC Accelerator program

Thanks to its strong technology and business plan, IQM was one of the 72 to succeed in the very competitive selection process of the EIC. Altogether 3969 companies applied for this funding.

“The €15M equity component of the EIC can be an ideal contribution to IQM’s Series A funding round.” said Juha Vartiainen, COO 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 provides the full hardware stack for a quantum computer, integrating different technologies, and invites collaborations with quantum software companies. Brilliant quantum software engineers are also welcomed to join IQM.