Espoo-based IQM Quantum Computer, a company specialised in full-stack superconducting quantum computers, has raised €275M in a Series B funding round, bringing the total funding raised to date to $600M (approximately €514M).

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The latest round marks the largest Series B raise ever in the quantum space, both in Europe and outside of the US.

The round was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM’s first U.S. investor, as well as existing Finnish venture capital and private equity company Tesi. With this round, the Finnish company, founded seven years ago, achieved unicorn status. 

Ten Eleven Ventures is the original cybersecurity-focused, global, and stage-agnostic investment firm.

The firm identifies, invests in, and helps grow top cybersecurity companies addressing critical digital security needs, leveraging its team, network, and experience to build successful businesses.

Since its founding, the firm has raised over $1B and made over 60 cybersecurity investments across various stages worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance, and Ping Identity.

“Having spent decades helping scale portfolio companies, we understand how to work with forward-thinking, global teams that are pushing the boundaries of innovation. Cybersecurity and quantum share an evolving relationship characterised by common stakeholder communities. This overlap will enable us to provide high-value counsel, capital, and connections to the IQM team,” says Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures.

As part of the funding round, Alex Doll joins IQM´s board of directors.

New and existing investors, including pension funds Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors Companies of Schwarz Group and Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital, also participated.

Fund utilisation

The funding will help the company expand its global presence and build more data centres and assembly lines.

The capital will also strengthen the company’s foothold in the U.S. and improve access to important markets by developing software to meet the rising demand for its products.

Additionally, increased investments in chip production in Finland will support research aimed at developing reliable quantum computing in the near future.

This will help the company work toward having one million qubits while reducing and correcting errors in quantum computations. 

Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers, says, “The addition of Ten Eleven as our first U.S.-based investor is a catalytic event for IQM and finding the right venture partner in the U.S.—one that could help us scale our technology and deliver value to our partners and customers—was essential. Ten Eleven’s proven track record in guiding companies to category leadership and their alignment with our vision made this partnership an ideal match.”

IQM: Superconducting quantum computers

Led by Dr. Jan Goetz, IQM provides on-premises quantum computers for supercomputing centres, enterprises, and research labs and offers full access to its hardware. 

The company also has a quantum computing cloud offering “IQM Resonance.

To date, the company has sold a total of 15 quantum computers. 

At present, the company sells two products — Radiance (flagship machine), and a more affordable quantum computer called Spark, which the company sells to universities.

IQM customers include the leading high-performance computing centres, research labs, universities and enterprises, which have full access to IQM’s software and hardware. 

At present, the company has over 300 employees with headquarters in Finland and a global presence in France, Germany, Italy, Japan, Poland, Spain, Singapore, South Korea, and the United States. 

Goldman Sachs International acted as the sole placement agent for IQM on its Series B raise.