IQM raises €11.5M to bring quantum computing to enterprise applications: 7 things you need to know about the Finnish startup

IQM raises €11.5M to bring quantum computing to enterprise applications: 7 things you need to know about the Finnish startup

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With huge exposure to the Internet, most people by now have heard about quantum computing, a revolutionary technology based on the principles of quantum theory.

What is quantum computing?

As per the Internet definition, “Quantum computing is the use of quantum-mechanical phenomena such as superposition and entanglement to perform computation. A quantum computer is used to perform such computation, which can be implemented theoretically or physically.”

To make it simpler, this is the study focused on developing a computer technology based on quantum theory principles, explaining the nature and behavior of energy and matter on a quantum level. Development of one such computer would mark a leap forward in computing capabilities far greater than modern-day high-end supercomputers.

A lot of companies around the world are working on super complex technology. Having said that, developing a quantum computer that works in practical terms is no mean feat.

Meet IQM! 

With a vision to drive disruptive advancements in quantum computing, a team of innovators has launched IQM Finland Oy.

This startup is a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT). They are developing high-speed quantum processors to reduce the error rates currently limiting the discovery of quantum computers.

Dr Jan Goetz, Co-founder & CEO, IQM:

IQM is founded on innovation that’s already taking quantum technology across new frontiers. Thanks to the support of Aalto and VTT, we moved fast to drive advancements at the system level to make quantum technology viable, practical and cost-effective.

Emerging leader in a global race to build quantum computing!

Headquartered in Espoo, Finland, this startup is considered as an emerging hardware systems leader in the race to develop a quantum computer for practical applications.

$2-5 billion in the next five years! 

According to BCG analysis, Quantum computing industry at its infancy could reach US$2-5B in the next five years. Furthermore, in ten years, it is predicted to soar to US$50B as well. The analysis also claimed that it will revolutionize industries like drug discovery, materials science and finance by solving complex problems in hours instead of years.

Dr Juha Vartiainen, Co-founder and COO, IQM, said:

We’re thrilled that our steady progress inspired our investors to enable our next growth phase. Their expertise will be invaluable as we build a strong technology company.

Secured around €11.5M

The company also closed a US$13M (€11.5 million) seed round led by Matadero QED,, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures.

Known for research in superconducting circuits!

In fact, Aalto and VTT were natural incubators for IQM. Both are world-renowned for their research in superconducting circuits, and more recently, quantum technology.

Superconducting circuits power the quantum bits (qubits) that hold and process quantum information. Qubits represent the building blocks of a quantum computer.

IQM’s relentless pursuit of Quantum computing!

Accelerating the adoption of quantum computing relies on relentlessly increasing computational speeds and improving error correction. Getting there requires hardware systems that are finely tuned to keep the fragile qubits stable, yet are robust, practical and cost-effective. And here lies IQM’s expertise.

Dr Kuan Tan, Co-founder & CTO, IQM, said:

We’re excited to advance our efforts to demonstrate the fastest qubit reset and readout in the industry. We’re confident this will bring the industry closer to a viable quantum computing solution.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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