IQM, a quantum computing startup, is now a unicorn, raising $300M in new funding, aiming for expansion in commercial and R&D.
Finland based quantum computing company IQM raises over $300 million in a Series B round led by U.S.-based Ten Eleven Ventures, bringing its total funding to $600 million. This new capital is set to support IQMs commercial expansion and in research and development.
IQM is a spin-out from Aalto University, now manufactures quantum computers for on-premises and cloud-based deployments and has established a presence across Europe, APAC, and the U.S.
From Series B funding, IQM will be scaling its chip fabrication capacity and software stack, particularly in areas such as quantum error correction. A shift from prioritising qubit count to improving reliability and fault tolerance, aligning with an industry-wide needs.
It plans to develop a software development kit tailored to its quantum systems. As developers use open-source project Qrisp, aiming to lower entry barriers for researchers in fields outside quantum computing. This move differentiates it from cloud-based offerings by larger firms like IBM and Google.
With 300 employees, primarily in Finland and Germany, IQM is also preparing to expand its commercial operations in the U.S., following a recent system sale to Oak Ridge National Laboratory. While no manufacturing footprint exists yet in the U.S., the company is considering local assembly options due to potential tariff implications.
The Series B included participation from Schwarz Group, Winbond Electronics, Finnish investor Tesi, EIC, Bayern Kapital, and World Fund. In late 2024, IQM hit a production of 30 quantum computers. Its 54-qubit systems are already deployed across research labs and commercial clients. It is preparing to deliver 150-qubit systems.
