(GlobeNewsWire) IQM Finland Oy (IQM), a startup spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT) just closed a US$13M seed round. IQM is developing high-speed quantum processors to reduce the error rates currently limiting quantum computers. The team has already pioneered breakthroughs in thermal management and other areas that influence computational speed and information accuracy. The innovations establish IQM as an emerging hardware systems leader in the race to develop a quantum computer for practical applications.
The funders are Matadero QED, Maki.vc, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures. Fund executives include global semiconductor experts and entrepreneurs who will help IQM to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. MIG Partner Dr. Axel Thierauf becomes Chairman; Ekaterina Almasque, a Partner with OpenOcean joins the board.
“We invested in IQM because we believe that the path to scalable QC lies in hardware ingenuity. Beyond that, we’re impressed by the team’s knowledge and expertise, their disciplined approach to solving formidable problems, and their keen understanding of what it takes to turn remarkable innovation into a promising business. We’re pleased to support their efforts.” ~ Dr. Axel Thierauf, Partner at MIG Fonds.
“Today’s software solutions are constrained by the limitations of CPUs and GPUs, making more complex optimization, modelling and artificial intelligence workloads not feasible. IQM’s fault-tolerant quantum processor architecture will open the door for more powerful computationally intensive tasks. The talented team is set to enable a unique quantum cloud offering and ignite a stronger quantum software eco-system in Europe.” ~ Ekaterina Almasque, Partner at OpenOcean.