The global competition for quantum computer science has a new dimension in Europe with IQM Quantum Computers which announces a round of 320 million dollars (274 million euros), the largest fundraising in this area outside the United States. The operation confirms the continent’s ambition to weigh in a race dominated so far by the American and Chinese giants.
Founded in 2019 in Helsinki, IQM specializes in superconductive quantum computers. Its technology is based on a correction of errors called “hardware-effective” and advanced system integration, two determining elements to improve the reliability of machines. More than thirteen systems have already been deployed in high performance calculation centers in Europe. At the same time, the company launched Resonance, a cloud platform which allows companies of sectors such as pharmacy, finance, logistics or cybersecurity to develop quantum use cases.
With this funding, IQM plans to increase its flea production capacities in Finland and to pursue its long -term objective and achieve tolerant systems with faults capable of operating with several million qubits. The company also wants to strengthen its presence in the United States and in the Asia-Pacific region, to expand the adoption of its cloud offer to companies and launch a developer SDK in partnership with CRISP.
This fundraising was carried out by Ten Eleven Ventures, the first American investor to join the capital of IQM, alongside the Finnish Fund Tesi. Among the other participants are Elo Mutual Pension Insurance, Varma, Schwarz Group, Winbond Electronics Corporation, the European Innovation Council (EIC) and Bayern Kapital. Since its creation by Jan Goetz, Mikko Välimäki and Juha Vartiainen, Iqm Quantum Computers has raised a total of 600 million euros.
