IQM Quantum Computers, a company in the realm of full-stack superconducting quantum computers, has announced a significant milestone in its journey. The company raised $320 million (equivalent to €275 million) in a Series B round of funding. This funding brings IQM’s total funding to date to $600 million.
The Series B funding round was led by Ten Eleven Ventures, an investment firm that specializes in cybersecurity. The company also saw increased investment from existing backers such as Tesi, a Finnish venture capital and private equity firm that has been a long-standing supporter. The round was further strengthened by participation from various new and existing investors, including pension funds such as Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic companies like Schwarz Group and Winbond Electronics Corporation, as well as sovereign wealth funds like the European Innovation Council and Bayern Kapital.
This new funding is expected to accelerate IQM’s plans to expand its commercial operations, including scaling up its data center infrastructure and manufacturing capabilities globally. While the firm continues to maintain its leadership position in Europe, the latest capital investment allows IQM to expand its presence in the United States and other key global markets. This strategic move aims to meet the increasing demand for their advanced quantum products and services worldwide.
Furthermore, a portion of the funds will be invested in enhancing IQM’s chip fabrication facilities located in Finland. This investment is crucial for advancing research and development efforts focused on achieving fault-tolerant quantum computing in the near future. The state-of-the-art fabrication capabilities will enable IQM to work towards scaling up its quantum systems to a target of one million qubits, while also focusing on reducing quantum errors that pose a challenge in practical quantum computing applications.
Agent: Goldman Sachs International acted as sole placement agent for IQM on its Series B raise.
KEY QUOTES:
“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 U.S. and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering. The addition of Ten Eleven as our first U.S.-based investor is a catalytic event for IQM and finding the right venture partner in the U.S.—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.”
Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers
“Having spent decades helping scale portfolio companies, we understand how to work with forward-thinking, global teams that are pushing the boundaries of innovation. Cybersecurity and quantum share an evolving relationship characterized by common stakeholder communities. This overlap will enable us to provide high-value counsel, capital, and connections to the IQM team. Ten Eleven’s investment reflects our belief that partnering with companies at the forefront of the quantum era will be essential for the future of secure computing.” As part of the fundraise, Alex Doll joins IQM´s board of directors.
Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures
“Tesi has been an investor in IQM since the very beginning, and we have had the privilege of witnessing its journey to becoming a global leader. Over the years, IQM has made great strides on its technology roadmap, production capabilities and customer deliveries which truly sets it apart from competition. We are happy that Tesi’s revised investment strategy allowed us to significantly increase our investment to support IQM’s next stage of growth journey.”
Juha Lehtola, Director of Venture and Growth Investments at Tesi
