Prime Highlights:
- IQM raises $320 millionin funding, achieving unicorn status and signaling strong investor confidence in quantum computing.
- The company plans to expand globallyand develop a software platform to make quantum computing more accessible to developers.
Key Facts:
- IQM employs 350 people worldwideand operates a factory in Espoo, Finland, producing its quantum computers.
- The startup has sold 15 quantum machines, including its flagship Radianceand the university-focused Spark
Key Background:
European quantum computing startup IQM has raised $320 million in a funding round led by U.S.-based investor Ten Eleven Ventures, showing strong investor interest in the growing quantum computing sector. Finnish investor Tesi also took part in the funding, helping IQM reach unicorn status with a valuation of more than $1 billion, according to co-CEO and co-founder Jan Goetz
Founded in 2018, IQM builds powerful quantum computers in Europe to compete with machines from global tech leaders like Google and IBM. Quantum computers operate qubits, which may be in more than one state simultaneously. The technology is capable of introducing innovations in medicine, finance, science, and other areas.
IQM employs 350 people worldwide and has a factory in Espoo, Finland, where it builds its quantum machines. So far, the company has delivered 15 machines, including its flagship Radiance and a smaller, budget-friendly model called Spark for universities.
While the U.S. leads in quantum computing investments, taking nearly 50% of global private funding, Europe has struggled to grow deep tech startups. Goetz said, “European startups often struggle to grow due to limited private capital,” highlighting why this funding is a major boost for IQM.
Looking ahead, IQM plans to expand its commercial operations in the U.S. and Asia. The company also aims to build a software platform that simplifies quantum computing among developers without having any expert knowledge.
IQM does not plan to go public at the moment. Goetz said the company wants to focus on building a sustainable and profitable business with a lasting impact on the future of computing.
This investment will help IQM grow its role in quantum computing and boost Europe’s presence in a field mostly dominated by U.S. tech firms.