IQM raises €275 million in round led by Ten Eleven Ventures

Finland’s IQM Quantum Computers has announced that it has raised USD 320 million (€275 million) in venture capital, bringing the total funding raised to date to USD 600 million.

This Series B funding round was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM’s first US investor, with an increased commitment level from existing Finnish venture capital and private equity company Tesi. Participation also came from several new and existing investors, including pension funds Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors Companies of Schwarz Group and Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital, IQM said in a media release.

“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits. We also focus on strong business expansion in the US and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering,” said Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers. “The addition of Ten Eleven as our first US-based investor is a catalytic event for IQM and finding the right venture partner in the US—one that could help us scale our technology and deliver value to our partners and customers—was essential.  

With this Series B funding round, IQM will expand its commercial presence and scale its data center infrastructure and assembly lines globally. This additional capital enables IQM to enhance its presence in the US market and further access key global markets to serve the growing demand in IQM’s products, the company said. With further investments into IQM’s chip fabrication in Finland, the funding will also support research and development aimed at achieving fault-tolerant quantum computing in the near term. The advanced fab capabilities will facilitate the goal of scaling up to one million qubits, paired with quantum error reduction and correction, the company said.

“Having spent decades helping scale portfolio companies, we understand how to work with forward-thinking, global teams that are pushing the boundaries of innovation. Cybersecurity and quantum share an evolving relationship characterized by common stakeholder communities,” said Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures. “This overlap will enable us to provide high-value counsel, capital, and connections to the IQM team.” 

“Tesi has been an investor in IQM since the very beginning, and we have had the privilege of witnessing its journey to becoming a global leader. Over the years, IQM has made great strides on its technology roadmap, production capabilities and customer deliveries which truly sets it apart from competition,” said Juha Lehtola, Director of Venture and Growth Investments at Tesi. “We are happy that Tesi’s revised investment strategy allowed us to significantly increase our investment to support IQM’s next stage of growth journey.”