When computers were first invented, few would have imagined how they would evolve and how important their role would be in shaping the modern world. We quickly moved from standard computers to supercomputers and are now steadily moving towards the next phase, quantum computing. The European startup IQM Finland Oy (IQM) is one such company that is contributing towards the research of quantum computers and it has bagged a €2.5M grant and up to €15M of equity investment from the EIC Accelerator program.
Contributing to quantum computer development
IQM is a Finland-based deep-tech startup that develops quantum computer hardware. In addition to the grant and equity investment, the company recently raised €3.3 million from the Business Finland government agency. This takes the company’s overall funding to around €32 million. In a seed round, the startup previously raised €11.4 million.
With the fresh funds, the company says it will hire “one quantum engineer per week” and take an important next step to commercialize the technology through co-design of quantum-computing hardware and applications. “Quantum computers will be funded by European governments, supporting IQM´s expansion strategy to build quantum computers in Germany,” says Dr. Jan Goetz, CEO and co-founder of IQM.