Our recent investment: IQM Raises €11.45M Seed Round
We are proudly announcing our investment into IQM Finland Oy (IQM), a Finland-based startup with a vision to drive disruptive advancements in quantum computing. The startup—a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT)—is developing high-speed quantum processors to reduce the error rates currently limiting quantum computers. The team has already pioneered breakthroughs in thermal management and other areas that influence the computational speed and information accuracy. The innovations establish IQM as an emerging hardware systems leader in the race to develop a quantum computer for practical applications.
The €11.45M seed round was joined by Matadero QED, Maki.vc, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures. Fund executives include global semiconductor experts and entrepreneurs who will help IQM to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. MIG Partner Dr. Axel Thierauf becomes Chairman; and Ekaterina Almasque, a Partner with OpenOcean joins the board.
IQM’s founders connected through their research at Aalto and VTT. All hold PhDs in quantum physics and are experts in superconducting quantum processors. Aalto and VTT were natural incubators for IQM. Both are world-renowned for their research in superconducting circuits, and more recently, quantum technology. Superconducting circuits power the quantum bits (qubits) that hold and process quantum information. Qubits represent the building blocks of a quantum computer.
Accelerating the adoption of quantum computing relies on relentlessly increasing computational speeds and improving error correction. This calls for driving faster clock cycles by vastly reducing the time required for qubit reset, logic gates, and readout. Getting there requires hardware systems that are finely tuned to keep the fragile qubits stable, yet are robust, practical and cost-effective. This is IQM’s domain.
Now, with its hardware innovations, the company aims to demonstrate the fastest qubit reset and readout in the industry and bring a practically useful quantum computer closer to reality.
“Today’s software solutions are constrained by the limitations of CPUs and GPUs, making more complex optimization, modelling and artificial intelligence workloads not feasible. IQM’s fault-tolerant quantum processor architecture will open the door for more powerful computationally intensive tasks. The talented team is set to enable a unique quantum cloud offering and ignite a stronger quantum software eco-system in Europe.” ~ Ekaterina Almasque, Partner at OpenOcean.
About IQM Finland Oy
IQM is driving disruptive advancements in quantum computing. The startup is developing high-speed quantum processors to reduce the error rates currently limiting quantum computers. With its early innovations in thermal management and other areas that influence computational speed and information accuracy, the company is an emerging hardware systems leader in the global race to develop a large-scale quantum computing solution for practical applications. Headquartered in Espoo, Finland, IQM is privately held and supported by international investors. www.meetiqm.com
Press release here