Finnish deep tech startup IQM raises €39 million to scale its quantum computer hardware

Finnish deep tech startup IQM Quantum Computers (IQM) has raised €39 million in a Series A round led by MIG Fonds, bringing its total amount of funding raised to €71 million. The round brought in new investors Tencent, Vsquared, Salvia and Santo Venture Capital, and welcomed back existing investors Tesi, OpenOcean,, Vito Ventures and Matadero QED.

The Espoo-based company is superconducting quantum computers. Basically, IQM provides the full hardware stack for a quantum computer, integrating different technologies, and then invites collaborations with quantum software companies.

Originally a spin out of the Aalto University and the VTT Technical Research Centre of Finland, the Nordic startup raised an €11 million seed round last year.

This latest funding will accelerate hardware development and help the team co-design application-specific quantum computers for industrial clients. A big chunk will be invested in growing the team, to not only attract quantum computing talent but also establish sales and business development teams.

“We’re proud to see another startup from Finland making a global impact,” said Juha Lehtola, head of direct VC investments at Tesi. “IQM will have a lasting impact on the future of computing, and consequently will help solve some of the global challenges related to healthcare, climate change and development of sustainable materials among many others.”

Lead photo: IQM Founders Jan Goetz, Mikko Möttönen, Kuan Yen Tan and Juha Vartiainen

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