Mig fund leads Euro 39 million financing round at IQM Finland Oy

Photo: IQM Quan­tum Computer
11. Novem­ber 2020

Finland — IQM Quan­tum Compu­ters, the Euro­pean leader in the deve­lo­p­ment and manu­fac­ture of super­con­duc­ting quan­tum compu­ters, secu­res EUR 39 million in a new round of finan­cing. This brings the total amount raised to date to EUR 71 million — one of the highest amounts raised by a Euro­pean deep tech start-up in a single year.

Lead inves­tor MIG led the round of exis­ting inves­tors, inclu­ding Tesi, Open­O­cean,, Vito Ventures and Matadero QED, as well as new inves­tors inclu­ding Vsquared, Salvia GmbH, Santo Venture Capi­tal and Tencent.

Head­quar­te­red in Helsinki with a second office in Munich, the deep-tech company supplies commer­ci­ally available quan­tum compu­ters for rese­arch labo­ra­to­ries and super­com­pu­ting centers. The high-perfor­­mance compu­ters are expec­ted to solve extre­mely complex compu­ta­tio­nal tasks within hours — a task that previously took seve­ral years. Through a unique co-design approach, IQM provi­des quan­tum bene­fits to indus­trial custo­mers through appli­­­ca­­tion-speci­­fic proces­sors. The company thus supplies the complete hard­ware stack for a quan­tum compu­ter, which inte­gra­tes various tech­no­lo­gies and enables coope­ra­tion with quan­tum soft­ware companies.

Quan­tum compu­ting is still in a rela­tively early stage of deve­lo­p­ment, but experts say it will gain elemen­tal importance in the coming decade, making major breakth­roughs in health­care, logi­stics, finance, chemis­try and other fields.

IQM is one of the fastest growing compa­nies in the quan­tum compu­ting sector and alre­ady has one of the world’s largest quan­tum engi­nee­ring teams. Funding from the current round will be used to acce­le­rate hard­ware deve­lo­p­ment and produce appli­­­ca­­tion-speci­­fic quan­tum compu­ters. In addi­tion, a large portion of the funding will go toward retai­ning and retai­ning the best talent in quan­tum compu­ting, as well as the sales and busi­ness deve­lo­p­ment teams.

Advi­sor to MIG Fund: LUTZ | ABEL Rechts­an­walts PartG mbB
MIG Fonds is a long-term client of LUTZ | ABEL. In the current finan­cing round, the advi­sory team consis­ted of Dr. Bern­hard Noreisch, LL.M. (lead) and Jan-Phil­lip Kunz, LL.M. (both VC / M&A, Munich) together.

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