Finnish hardware startup IQM raises more than €11 million in seed funding to take quantum computing to the next level

Espoo-based IQM, a startup that was recently spun out of the Aalto University and the VTT Technical Research Centre of Finland, has scored nearly €11.5 million in seed financing to boost the development of hardware systems that the company says can help quantum computer solutions with scale.

IQM is developing quantum processors for large-scale and fault-tolerant quantum computing, and says it is also establishing new standards in chip architecture for superconducting circuits.

Investors in the round for the fledgling company include, MIG Funds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures.

A recent BCG analysis expects the quantum computing industry to reach $2-5 billion in the next five years, and soar to $50 billion in ten while revolutionising drug discovery, materials science and finance by solving complex problems in a matter of hours rather than years.

Ilkka Kivimäki, a partner at, indeed believes that “quantum computing will provide limitless opportunities in areas like AI, cybersecurity and chemistry.”

Accelerating the adoption of quantum computing relies on increasing computational speed and improving error correction, which can be achieved by reducing the time required for qubit reset, logic gates and read-out.

IQM says it is building on early breakthroughs, such as techniques to accelerate read-out time, and its quantum-circuit refrigerator device, to develop new hardware systems designed for easy integration into existing frameworks and “to ignite a new quantum software ecosystem in Europe” as Ekaterina Almasque, a partner at OpenOcean puts it.

IQM’s CEO, Dr. Jan Goetz, will deliver a keynote titled “Shaping the Quantum Future from Europe” this week in Munich at 1E9 the_conference – if you happened to be around.

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