Based on Aalto University and VTT research, IQM Quantum Computers has lured investors including Tencent to bring its equity and grant funding total to $83.9m.
IQM Quantum Computers, a Finland-based quantum computing spinout of Aalto University and VTT Technical Research Centre of Finland, has secured €39m ($46m) in an ongoing series A round backed by internet company Tencent.
The round was led by fund manager MIG Fonds and also included Finnish government-owned investment firm Tesi, OpenOcean, Maki.vc, Vito Ventures, Matadero QED, Vsquared, Salvia and Santo Venture Capital.
Founded in 2018, IQM plans to exploit superconducting circuits with zero electric resistance to build quantum computers optimised for software algorithms that ordinary supercomputers cannot perform, targeting sectors such as drug design and materials.
The funding will go to recruitment with a view of initiating sales and marketing operations. Proceeds will also support quantum hardware and software development tailored to research and supercomputing hubs.
IQM said it has now raised a total of €71m ($83.9m at current exchange rates) in equity and grant funding, including a $17m equity investment in June 2020 from EU-run innovation funding programme EIC Accelerator.
The spinout previously closed a $13m seed round in June 2019 with commitments from Tesi, Matadero QED, Maki.vc, MIG Fonds, OpenOcean and Vito Ventures.
IQM’s founding team includes Mikko Möttönen, an associate professor of quantum technology at Aalto University and VTT Technical Research Centre of Finland.
He was assisted by colleagues including Kuan Yen Tan, an academic research fellow at Aalto University, and Jan Goetz, a former Marie Sklodowska Curie Fellow at the same institution who serves as IQM’s chief executive.
