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When we met Jan Goetz, Professor Mikko Möttönen and the rest of the IQM founding team in late 2018, we knew we were seeing something rare. The science was hard to grasp, even for my colleague Patrik Backman, who had studied physics and some quantum theory, but the ambition was unmistakable.

At the start of the year, “2025: The Year of Agents” sounded like headline bait. Eight months in, it feels like an understatement. Sam Altman said agents would “join the workforce” in 2025. Satya Nadella expects them to replace segments of knowledge work. Marc Benioff wants Salesforce to be the “#1 provider of digital labour.” That’s not future tense anymore - today, agents are moving tickets, shipping code, and digesting documents.

Last November, we laid out a vision for AI-native services: businesses rebuilt from the ground up to combine the margins of software with the resilience and depth of services markets. Since then, we have taken dozens of first meetings, explored more than 15 verticals, backed our first deals, and sharpened our thesis along the way.