In just a few years, Espoo's Otaniemi–Keilaniemi area has emerged as a thriving hub for quantum technology. From building quantum computers and developing advanced algorithms to designing next-generation chips, a growing cluster of companies is racing to achieve a quantum advantage.
In this article, we highlight five prominent Espoo-based companies at the forefront of quantum innovation. We also explore the Kvanttinova ecosystem, founded to accelerate collaboration, innovation, and growth across the industry.
IQM — Finnish quantum computers sold worldwide
Headquartered in Espoo's Keilaniemi district, IQM is one of the world's leading quantum computer manufacturers. The company was born as a spin-off from Aalto University in 2018. In less than 10 years, IQM has become a pioneer of Finnish quantum computing, now selling full-stack quantum computers worldwide. In 2025 alone, the company made significant sales deals in the US, Finland, Korea and Poland, along with distributor deals in Japan and Korea.
Besides attracting customers, IQM’s technology has also drawn the attention of investors. In 2025, the company raised a record-breaking Series B funding of $320 million, the biggest quantum funding round to date in Europe and outside of the US. In February 2026, IQM announced its listing on one of the two major U.S. stock exchanges, becoming the first European quantum company to go public.
But what makes the company so successful? Enter Espoo interviewed Jan Goetz, Co-CEO of IQM in September 2025. Read the interview here.
A key strength for IQM has been its close collaboration with other Espoo-based quantum technology developers, including VTT, Finland’s state-owned technical research centre. In 2027, IQM will install a 300-qubit quantum computer at VTT's premises in Espoo. Consisting of two 150-qubit quantum processors, it will be IQM's most powerful quantum computer yet.
QMill — Algorithms bringing quantum advantage closer
Quantum computing isn't only about hardware. How we use these systems is just as important. Right across the street from IQM's headquarters, a company called QMill develops algorithms and software for quantum computers.
QMill's goal is to bring a practical quantum advantage closer. To speed up the adoption of quantum computing in companies, the company develops algorithms not only for future devices, but already for the devices used today and near-term noisy intermediate-scale quantum (NISQ) computers.
"Our advantage is that we know how to use quantum computers. We use them a lot, and we learn how they work. We want to offer our customers as easy quantum computer usage as possible," Hannu Kauppinen, CEO of QMill, says.
Recently, QMill launched its first commercially available product, QMill Circuit Compression. It reduces gate count and circuit depth typically by up to 50%. In today's quantum computing, the number of gates that a device can run smoothly is limited. Therefore, enhancement to circuits is necessary to help minimise errors.
Another recent achievement is a new algorithm that significantly relaxes the qubit and fidelity demands for practical quantum advantage, enabling near‑term, verifiable performance with simple laptop‑based checks.
QMill was founded in 2024. Despite the company's young age, the team behind it is packed with experience. Co-founders have worked in leading positions in organisations like Nokia and VTT and as university professors, and around two-thirds of the company's employees have completed a PhD.
SemiQon — Sustainable and affordable quantum processors
Quantum processors that are both affordable and sustainable will help scale up quantum computing. This is the idea behind SemiQon, a company that makes silicon-based quantum processors.
SemiQon's products work at warmer temperatures than their alternatives. Typically, quantum computers require temperatures below -270 degrees Celsius. Developing devices that operate at higher temperatures could significantly reduce their energy consumption and, thereby, the cost of quantum computing.
Originally a VTT spin-off, SemiQon raised over €17 million in funding in 2025. In Enter Espoo's interview a year earlier, SemiQon's CEO, Himadri Majumdar, highlighted the role of specialisation in the company's strategy. The quickly growing startup focuses on its own strengths while collaborating with companies that are best at what they do. In Espoo, finding collaboration partners has been easy.
"The support from the local quantum and business ecosystem has been pivotal for our success. I believe there is an enormous amount of expertise and talent in the Otaniemi region that, if successfully tapped into, can generate significant value," Majumdar says.
QuantrolOx — Automating the tuning of quantum computers
QuantrolOx automates the tuning and optimising process of quantum computers. The company spun out of Oxford University in 2021 and soon after relocated its headquarters from Oxford to Espoo. Now, the company operates in Keilaniemi — right next to QMill and IQM.
To date, tuning qubits has been a slow task that requires a lot of experts’ time. As the industry strives towards the million-qubit era, it becomes increasingly important to speed up and automate the process. This is where QuantrolOx steps in with its Quantum EDGE automation platform, targeted at pioneering quantum companies, researchers, and scientists.
Besides automation, the Espoo-based company is scaling up quantum computing by providing educational tools. Its new VIDYAQAR product is an open-architecture platform for education, research, testing and benchmarking. Its users can develop their quantum capabilities through Quantum EDGE Academy, the ultimate learning tool for anyone who wants to master superconducting quantum hardware.
To date, QuantrolOx has raised €11.75 million in funding. The company has attracted wide interest from a big group of investors. In 2025, QuantrolOx raised 6.5 million euros through equity crowdfunding.
Arctic Instruments — Amplifiers for high-fidelity qubit readout
As quantum computers scale up, the challenge is not only building more qubits, but also reading them accurately. Each qubit requires highly sensitive amplification to extract information without disturbing fragile quantum states. Arctic Instruments addresses this critical bottleneck.
The company develops quantum-limited parametric amplifiers that enable high-fidelity qubit readout. These ultra-low-noise amplifiers are essential components in superconducting quantum computers, helping improve measurement accuracy and overall system performance as processors grow larger and more complex.
Like SemiQon, Arctic Instruments emerged from VTT's quantum research and deep expertise in superconducting technologies. The company spun out of VTT in 2024 and has since focused on commercialising research-grade innovation for the global quantum hardware market.
By strengthening one of the most demanding parts of the quantum hardware stack, Arctic Instruments plays a crucial role in enabling scalable quantum computing.
Kvanttinova — Bringing together the ecosystem
Kvanttinova brings together deep-tech companies, academia, and technology organisations in the field of quantum technology, microelectronics and photonics. The Kvanttinova ecosystem includes all Kvanttinova member companies, partners, and friends in Otaniemi, Espoo, and, more broadly, in the Helsinki metropolitan area.
The foundation of the Kvanttinova ecosystem is rooted in a longstanding tradition of access to shared microelectronics facilities and in the open innovation ecosystem in Espoo, which supports companies of all sizes in their research, development, and production.
To continue boosting success, VTT, Aalto University, and Enter Espoo initiated the Kvanttinova ecosystem and founded a separate company, Kvanttinova Ltd, to facilitate and catalyse collaboration among the ecosystem's players. Learn more about Kvanttinova on the Kvanttinova website.
