IQM Raises €39 Million ($46M USD) Bringing Total Investment to €71 Million ($84M USD)

The Series A funding was led by MIG Fonds with additional participation from Tesi, OpenOcean, Maki.vc, Vito Ventures, Matadero QED, Vsquared, Salvia GmbH, Santo Venture Capital GmbH, and Tencent. IQM is designing a superconducting quantum computing and is based in Espoo, Finland with a subsidiary in Munich, Germany. This fundraising round is one of the larger private fundings for quantum in Europe and their team of over 70 employees is also among the larger quantum teams in Europe. IQM’s strategy is a little different from other quantum hardware companies because they are looking to provide on-premises quantum computers to research laboratories and supercomputing centers as opposed to a pure cloud based business model. They are also pursuing the development of application specific quantum computers using a co-design strategy with their subsidiary in Munich.  For more information you can view IQM’s press release announcing the funding on their web site here.

November 10, 2020