Finnish quantum computing startup IQM Quantum Computers has announced its ambitious goal of scaling its technology to one million qubits following a successful $320 million Series B funding round. This latest financial boost elevates IQM’s total funding to $600 million and positions the company for significant expansion in the U.S. market.
Led by Ten Eleven Ventures—IQM’s inaugural U.S. investor—the funding round also attracted contributions from both new and existing investors, including Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, and the sovereign wealth funds EIC and Bayern Kapital, among others.
IQM, formally known as IQM Finland Oy, specializes in superconducting qubit-based quantum computing, which requires extremely low operational temperatures near absolute zero (−459.67 °F). Qubits are central to quantum computing, leveraging quantum phenomena like superposition and entanglement to execute highly complex calculations beyond the reach of classical computers.
The company’s flagship platform, IQM Radiance, offers options with 20, 54, or 150 high-fidelity qubits, aimed at enterprises engaged in quantum computing research. Priced at approximately €30 million (around $35.7 million) for its most powerful variant, it supports the development of emerging quantum applications. For educational purposes, IQM also markets the IQM Spark, a five-qubit machine available for about €1 million, designed for universities.
IQM’s systems are distinguished by advanced error correction capabilities, essential for addressing the inherent instability of qubits. As these quantum states are highly susceptible to environmental disturbances, maintaining their integrity is crucial for scalable quantum computing. To tackle this, IQM employs a “quantum-circuit refrigerator” in its quantum chips, which can quickly identify and rectify qubit errors, enabling a speedy reset of quantum states.
Co-founder and co-CEO Jan Goetz emphasizes that this funding round marks a significant turning point for the company, allowing it to enhance its cloud infrastructure and manufacturing facilities in support of its growth in the U.S. market. Goetz stated, “This funding will accelerate our technical roadmap toward error-corrected systems capable of scaling from thousands to millions of qubits by 2032.”
Ten Eleven’s co-founder, Alex Doll, expressed enthusiasm for the partnership, highlighting the vital role quantum computing will play in the future of cybersecurity. “The intersection of cybersecurity and quantum technologies presents unique opportunities, enabling us to provide strategic insights and support to the IQM team,” he noted.
As IQM Quantum moves forward, its innovative approaches to error correction and qubit management could significantly advance the field of quantum computing, while their expansion plans in the U.S. reflect an exciting chapter for the startup.
