The funding was led by World Fund with additional participation from Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma, as well as existing investors, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared. IQM is building superconducting based quantum processors, but has taken a different commercialization strategy than some of the other hardware providers. Rather than concentrating on providing cloud based systems that can be openly accessed over the internet, they are concentrating on providing on-premise, full-stack processors that can be installed at research laboratories and supercomputing centers. They are also taking an application-specific approach using co-design with their customers to create machines that are optimized for specific use cases. One important use case they are emphasizing is climate change where a quantum computer may be able to help in areas such as energy grid optimization or battery chemistry design.

This investment is the largest single venture investment in a quantum company in Europe that we are aware of. IQM currently has over 180 employees with offices located in Paris, Madrid, Munich and Espoo, Finland. IQM opened its own dedicated fabrication facility in Finland last year and is working on major projects with VTT in Finland and the German Q-Exa project. For more details about the funding, you can view a news release posted on the IQM website here.

July 22, 2022