IQM, a quantum start-up, has successfully obtained significant financial investment
IQM, a leading European quantum technology startup, has announced a significant funding round of $320 million. This investment, the largest Series B funding round ever conducted in Europe and outside the US in the field of quantum technologies, will accelerate IQM's growth in the US and other global markets.
Founded in 2018 by scientists from Finland and Germany, IQM has its main locations in Espoo (Finland), Munich, Paris, Madrid, Singapore, and Palo Alto. The startup, initially focused on building quantum processors, has since grown into a provider of complete quantum computers.
The funding round is led by US investor Ten Eleven Ventures, a firm specializing in cybersecurity. The Finnish venture capital company Tesi is also a participant in the funding round.
IQM's current project, the European quantum computer Euro-Q-Exa, is being built at the Leibniz Supercomputing Centre (LRZ) in Munich. This superconducting quantum computer will help IQM excel in data encryption, as quantum computers excel in this area due to their ability to calculate large numbers more efficiently.
Quantum computers use qubits, which allow them to solve certain problems that are difficult for classical computers. For instance, quantum computers can simulate complex chemical systems better than classical computers.
IQM's founders include Juha Vartiainen, Jan Goetz, and Mikko Möttönen. The startup specializes in the development and construction of superconducting quantum computers.
With this substantial investment, IQM aims to strengthen its position as one of the market leaders in Europe for quantum technologies and expand its global footprint. The funds will be used to advance research and development, scale operations, and establish new offices in strategic locations.
This investment marks a significant step forward for the quantum computing industry, as IQM continues to push the boundaries of what is possible with this transformative technology.
