Espoo-based IQM Quantum Computers, a quantum computing company, announced on Friday that it has raised €128M in a Series A2 round of funding led by the World Fund.
Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino, and Varma participated in the round. Existing investors Maki.vc, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared, also participated.
The announcement comes two months after the company received a €35M grant from the European Investment Bank (EIB).
In 2020, the Finnish company raised €39M in Series A1 funding led by MIG Fonds.
The company says it will use the funds to co-design quantum computer processors to tackle the climate crisis and promote sustainable development to improve lives.
Founded in 2018 by Jan Goetz, Juha Vartiainen, Kuan Yen Tan, and Mikko Mottonen, IQM builds scalable hardware for universal quantum computers, focusing on superconducting technology.
A spinoff of Aalto University and VTT Technical Research Centre of Finland, IQM’s core technology builds upon decades of research from the world-renowned Quantum Computing and Devices (QCD) lab.
This know-how is combined with the experience of quantum computing experts from Bilbao, Munich, Zurich, Delft, and several other locations.
At present, it is the only European company to deliver full-stack quantum systems.
Read more on Tech Gist Africa:
Danish e-commerce startup Medusa bags €7.8 Million
Meet Zem: a car, developed by TU Eindhoven students, that cleans the air while driving
