Finland-based IQM Quantum Computers said it has raised $320 million (€275 Million) in venture capital, bringing the total funding raised to date to $600 million.
The Series B funding round was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM’s first US-based investor, with an increased commitment level from existing Finnish venture capital and private equity company Tesi.
Participation also came from several new and existing investors, including pension funds Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors Companies of Schwarz Group and Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital.
“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits,” said Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers.
“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.
“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.
This additional capital enables IQM to enhance its presence in the US 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.
Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures, said: “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.
“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.
Juha Lehtola, Director of Venture and Growth Investments at Tesi, said: “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.”
Goldman Sachs International acted as sole placement agent for IQM on its Series B raise.