This Espoo-based startup builds quantum computers; raises €39M in Series A funding

After the advent of quantum physics, we are on the brink of the second quantum revolution as we attempt to harness even more power from the quantum world. And, quantum computing is one of the most promising new trends in information processing. According to experts, quantum computers could change the world.

Right now, several nations, tech giant firms, startups, and universities are exploring quantum computing and its range of potential applications. And one among them is Espoo-based IQM. This Finish company builds scalable hardware for universal quantum computers, focusing on superconducting technology.

Raised €39M funding

Recently, IQM Quantum Computers raised €39M in Series A funding, bringing the total amount of funding raised to date to €71M. The round was led by MIG Fonds along with Vsquared, Salvia GmbH, Santo Venture Capital GmbH, and Tencent. Existing investors including Tesi, OpenOcean, Maki.vc, Vito Ventures, and Matadero QED also participated in the round. 

The company will use the funding to accelerate its hardware development and to co-design application-specific quantum computers. Also, a part of the funding will also be used to attract and retain the best global talent in quantum computing and to establish sales and business development teams.

Quantum computers for the wellbeing of humankind

Founded by Dr. Jan Goetz, Dr, Juha Vartiainen, Dr. Kuan Yen Tan, and Prof. Mikko Möttönen, IQM claims to already have one of the world’s largest quantum hardware engineering teams. It’s worth mentioning that IQM is a spin-out from Aalto University and VTT Technical Research Centre of Finland.

The company delivers on-premises quantum computers for research laboratories and supercomputing centres. 

For industrial customers, IQM follows a co-design strategy to deliver quantum advantage based on application-specific processors, using novel chip architectures and ultrafast quantum operations. 

Breakthrough in thermal management and other areas

Notably, the company provides the full hardware stack for a quantum computer, integrating different technologies, and invites collaborations with quantum software companies. The team’s pioneering work has already yielded breakthroughs in thermal management and other critical areas that influence the computational speed and information accuracy.

Recently, Prof. Möttönen’s university research group and collaborators have engineered a fast and ultra-sensitive nanoscale bolometer that detects very faint microwave radiation. Notably, according to the company, the radiation detected is so weak that heating up a cup of coffee at room temperature, for 1°C in a microwave oven would have taken 50 septillion times more energy. That is a 5 followed by 25 zeroes.

“The device is so tiny; it could even fit inside a bacterium,” says Möttönen who is a joint Professor of Quantum Technology at Aalto University and VTT, and also a Co-Founder of IQM.

Previously, IQM received a €3.3M grant from Business Finland. It has also bagged a €2.5M grant and up to €15M of equity investment from the EIC Accelerator program. Since its inception in 2018, IQM has grown to 70+ (TBC) employees and has also established a subsidiary in Munich, Germany, to lead the co-design approach.

Image credits: IQM Quantum Computers