Finnish quantum computing startup IQM raises €128M to help combat climate crisis

IQM, an Espoo-based developer of superconducting quantum computers, has raised €128 million in a Series A2 funding round led by the German VC World Fund that focuses on climatetech startups. 

IQM raises €128M-1

IQM quantum computer
Photo: IQM
  • Founded in 2018 by Dr. Jan Goetz, Dr. Juha Vartiainen, Dr. Kuan Yen Tan, and Prof. Mikko Möttönen, IQM is building superconducting quantum computers and delivering full-stack quantum systems. Research laboratories and supercomputing centers use them to address challenging problems in the healthcare, finance, logistics, chemistry, and climate sectors.
  • The fresh funding follows the startup’s €39 million Series A1 investment in 2020, and makes it the largest round raised by a European quantum computing company. In total, IQM has secured over €230 million in funding.
  • The round included participation from Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma, as well as existing investors, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared.
  • IQM has over 180 employees with offices in Paris, Madrid, Munich, and Espoo. The startup will use the funds to expand international business and accelerate product development, with a focus on developing quantum processors to help tackle the climate crisis.