IQM Quantum Computers has raised $320 million in Series B funding, the biggest quantum funding round to date in Europe and outside of the US. The historic funding will strengthen IQM's status as the global leader in full-stack superconducting quantum computers and accelerate the company's growth path in the US and globally. IQM has now raised a total of $600 million in funding.
The new funding will enable IQM to, for example, scale its data centre infrastructure and assembly lines globally and advance the development of the company's tech roadmap towards error correction from a thousand to a million qubits. In addition, IQM can further invest in chip fabrication in Finland, ramping up R&D to achieve fault-tolerant quantum computing.
Getting the company's first US-based investor, the cybersecurity-focused Ten Eleven Ventures, which led the funding round, allows IQM to further focus on scaling its business in the US with its attractive offering of on-premises quantum computers and the recent upgrade of its cloud offering.
Ten Eleven Ventures was accompanied in the funding round by Tesi, a Finnish venture capital and private equity company. Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Companies of Schwarz Group, Winbond Electronics Corporation, EIC, and Bayern Kapital were the other investors in the funding round.
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Image: IQM