QMill, a quantum software company located in Espoo, Finland, has raised €4 million ($4.45M USD) in seed funding to accelerate its mission of delivering practical quantum computing solutions for industrial applications. The funding round was led by Maki.vc and Antler, with participation from industrial technology investor Kvanted and a €1 million ($1.11M USD) grant from Business Finland. QMill’s founding team includes notable figures such as Dr. Hannu Kauppinen, former CTO of Nokia Technologies, and Prof. Mikko Möttönen, a professor at Aalto University, Dr. Ville Kotovirta, former head of VTT’s Quantum Algorithms and Software Team and Dr. Toni Annala, an L.E. Dickson Instructor at the University of Chicago.
QMill aims to address current limitations in quantum computing hardware by focusing on the development of resource-efficient algorithms that leverage near-future technology. This approach allows the company to target immediate applications across sectors like finance, telecommunications, and energy, distinguishing itself from others focusing on long-term breakthroughs. The funds will support R&D and recruitment efforts, as QMill plans to hire 20 new employees over the next few years.
The investment partners recognize QMill’s potential to create significant value in the quantum computing landscape, emphasizing the quality of the team and their focus on solving complex optimization problems. With plans to expand its services from Espoo, QMill is poised to contribute to the practical applications of quantum computing.
For more information, you can access the press release here.
September 18, 2024
