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Espoo-based IQM Quantum Computers has secured $320 million in Series B funding, bringing its total financing to $600 million. The round was led by U.S. investor Ten Eleven Ventures, with increased backing from Finnish state-owned investment company Tesi, and participation from pension funds Elo and Varma, as well as Schwarz Group, Winbond Electronics, EIC, and Bayern Kapital. IQM develops superconducting quantum computers, offering both on-premises systems and cloud access. The new capital will be directed toward expanding operations in the U.S. and other international markets, scaling production and data center capacity, and furthering research on error correction and large-scale quantum architectures.
IQM Quantum Computers designs and builds superconducting quantum computers. The company provides both on-premises full-stack systems and access through a cloud platform. Its customers include research institutions, universities, high-performance computing centers, and enterprises using quantum systems for testing and development. Founded in 2018 and headquartered in Espoo, IQM has grown to more than 300 employees and operates internationally with offices across Europe, Asia, and the United States.
“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,” said Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers. “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.”
With this Series B funding round, IQM will expand its commercial presence and scale its data center infrastructure and assembly lines globally. While maintaining its European leadership, this additional capital enables IQM to enhance its presence in the U.S. market and 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.
“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,” said Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures. “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.
“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”, said Juha Lehtola, Director of Venture and Growth Investments at Tesi.
Goldman Sachs International acted as sole placement agent for IQM on its Series B raise.
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