IQM Quantum, a Finnish company specializing in superconducting quantum systems, has successfully raised $320 million in its Series B funding round, marking a significant milestone as the largest investment in the quantum sector outside of the United States. This funding brings IQM’s total capital to $600 million, highlighting the rapid growth of interest and investment in quantum technology as it moves closer to commercial viability.
The funding round was spearheaded by Ten Eleven Ventures, a U.S.-based cybersecurity investment firm, marking IQM’s debut American investor. This investment was complemented by a renewed commitment from Tesi, a Finnish state-owned venture capital firm that has supported IQM from its beginning, and included contributions from various existing and new investors, such as Elo Mutual Pension Insurance and Varma Mutual Pension Insurance.
With the newly acquired funds, IQM plans to broaden its international reach, especially into the U.S., while continuing to strengthen its position in Europe. These funds will enhance its infrastructure for assembly, data centers, and chip fabrication in Finland, all aimed at achieving fault-tolerant quantum computing. A critical component of their strategy is the development of scalable systems capable of managing thousands to millions of qubits, underpinned by advanced error reduction and correction technologies.
Dr. Jan Goetz, Co-Founder and Co-CEO of IQM, described the funding round as transformative for the company’s growth trajectory, emphasizing its commitment to advancing its technology roadmap and expanding its U.S. market presence. The partnership with Ten Eleven, which brings experience in scaling companies to market leadership, is seen as an essential factor for IQM’s U.S. entry.
Alex Doll, Co-Founder and Managing General Partner at Ten Eleven, highlighted the intersection of cybersecurity and quantum computing as a key motivation for their investment, noting the potential for high-value collaboration. As part of this investment, Doll will join IQM’s board.
Tesi’s increased investment echoes confidence in IQM’s progress in technology and production capabilities. Juha Lehtola, Director of Venture and Growth Investments at Tesi, expressed delight at supporting IQM’s next phase of growth.
IQM’s strategy aims to bolster its global commercial presence while intensifying its efforts in research and development in fabrication. This includes enhancing its capabilities in chip production, which is vital for quantum error correction and scalable system design—essential for practical quantum computing.
The funding raise underlines the evolving European quantum ecosystem, with IQM standing out as a prime example of regional firms pursuing global expansion alongside local innovation. With growing interest from U.S. investors, IQM is set to leverage European expertise to tap into the North American market.
Goldman Sachs International served as the sole placement agent for this significant funding round, reflecting substantial investor interest in the commercial potential of quantum technologies.
With this latest funding, IQM is positioned as a leading force in full-stack quantum computing, shifting from research-driven development towards commercially viable systems. The diverse and extensive investor base signifies a growing belief that quantum technology is no longer just experimental but ready to be integrated into enterprise solutions.
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