Quantum technology start-up IQM successfully obtains significant investment funds
In a groundbreaking development, IQM, a German-Finnish quantum startup, has announced the successful completion of a Series B funding round worth $320 million. This makes it the largest Series B funding round ever conducted in the field of quantum technologies in Europe and outside the US, according to calculations by industry portal CrunchBase.
The funding round, led by US investor Ten Eleven Ventures, a cybersecurity specialist, aims to accelerate IQM's growth in the US and other global markets. Ten Eleven Ventures, known for its focus on cybersecurity, may indicate a potential focus on quantum computing security for IQM.
IQM, which specializes in the development and construction of superconducting quantum computers, is currently building the European quantum computer Euro-Q-Exa at the Leibniz Computing Center in Munich. The startup has expanded its services from constructing quantum processors to providing complete quantum computers.
Tesi, a Finnish venture capital company, also participates in the latest funding round for IQM. The investor who co-led the round is the Finnish investment company Tesi. IQM's total funding now amounts to $600 million after the latest funding round.
IQM's main locations include offices in Espoo (Finland), Munich, Paris, Madrid, Singapore, and Palo Alto. The startup is considered one of the market leaders in Europe for quantum technologies.
Quantum computers, which use qubits, enable them to solve certain complex problems that are difficult for classical computers. They excel in data encryption due to their efficiency in calculating large numbers compared to classical algorithms. Quantum computers can also simulate complex chemical systems more effectively than classical computers.
With the new funding, IQM aims to strengthen its position in the global quantum computing market and accelerate its growth in the US and other markets. The startup's expansion into providing complete quantum computers is a significant step towards making quantum computing technology more accessible and practical for various industries.
