IQM raises $320M in record European Series B
IQM Quantum Computers has raised a $320 million Series B funding round, marking the largest ever Series B fundraise in the quantum space outside of the US. This latest funding round boosts IQM’s funding total to $600 million.
This latest funding round by the quantum startup was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM’s first US investor, with increased commitment from Finnish VC Tesi. Further participation came from new and existing investors, including pension funds Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors companies of Schwarz Group and Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital.
With the latest funding round, IQM will expand its commercial presence and scale its data centre infrastructure and assembly lines globally. While maintaining its European leadership, this additional capital will enable IQM to enhance its presence in the US market and to further access key global markets to serve the growing demand in IQM's products.
With further investments into IQM's chip fabrication in Finland, the funding will also support research and development aimed at achieving fault-tolerant quantum computing in the near term. The advanced fab capabilities will facilitate the goal of scaling up to one million qubits, paired with quantum error reduction and correction.
“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits. We also focus on strong business expansion in the US and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering,” said Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers. “The addition of Ten Eleven as our first US-based investor is a catalytic event for IQM and finding the right venture partner in the US – one that could help us scale our technology and deliver value to our partners and customers – was essential. Ten Eleven's proven track record in guiding companies to category leadership and their alignment with our vision made this partnership an ideal match.”
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