Finnish Startup IQM Secures €17.5 Million to Bring Quantum Computers to Society
(EU-Startups) Finnish startup IQM Finland Oy (IQM), a leading European company for quantum computer hardware, was just awarded a €2.5 million grant and up to €15 million of equity investment from the EIC Accelerator programme for the development of quantum computers, benefiting the industry and society at large.
The recent round marks a total of €32 million raised by the startup, including Business Finland grants of €3.3 million and a previous €11.4 million seed round. The team can already see a shift in thinking regarding quantum computers, with evermore funding being invested by governments. 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. “Quantum computers will be funded by European governments, supporting IQM´s expansion strategy to build quantum computers in Germany,” says Dr. Jan Goetz, CEO and co-founder of IQM.
The new funding will also support 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.
“With our growing team in Munich, IQM will build co-design quantum computers for commercial applications and install testing facilities for quantum processors,” states Prof. Enrique Solano, CEO of IQM Germany.