Finland’s IQM Quantum Computers has received €35 million from the European Investment Bank (EIB) to drive the development and commercialisation of its quantum processors built at Europe’s quantum-dedicated fabrication facilities in Espoo, Finland.
The company is building on-premises quantum computers for supercomputing data centres and research labs and offers full access to its hardware. For industrial customers, IQM delivers a quantum advantage through a unique application-specific, co-design approach.
The loan is part of the European Guarantee Fund’s venture debt product introduced to provide liquidity to small and medium-sized companies affected by the pandemic. The grant comes on the back of IQM opening its first fabrication facility in Finland in November.
Talking about building a more balanced and resilient quantum development in Europe, IQM’s CEO Dr Jan Goetz said: “Today’s chips shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia. Quantum processors give us an opportunity to learn from this and become self-reliant first, and a global provider for quantum chips in the future. This EIB loan supports us in building more balanced and resilient quantum development in Europe. We are already working on the most advanced quantum technology in Europe and this loan will also help us create the next-generation European quantum ecosystem.”
EIB president Werner Hoyer added: “Quantum computing is still at an early stage. However, it has the potential to revolutionise many sectors, from drug and vaccine development to cybersecurity. Given the scale of the potential impact, global competition in quantum computing is fierce. Ensuring that companies such as IQM are well-funded is key to positioning Europe as a technological leader worldwide.”
The company is also building Finland’s first commercial 54-qubit quantum computer with VTT, and an IQM-led consortium (Q-Exa) is building a quantum computer in Germany.