Finnish quantum computing firm IQM raises $46 million

Finnish quantum computing technology firm IQM has raised 39 million euros ($46 million) from investors including MIG and Tencent to boost its position in the emerging industry, it said on Tuesday.

IQM, founded in 2018, develops quantum computers for research laboratories and computing centres, and has now raised a total of 71 million euros - making it one of the best-funded European firms in the sector.

“Europe is ideally positioned to become a quantum leader for the future. Our decades of investment in science and research which are needed to power quantum breakthroughs play to our strengths,” it said.

Quantum computers could operate millions of times faster than today’s advanced supercomputers. The technology is based on quantum bits, or qubits, that exponentially increase the amount of information that can be processed.

Finland decided earlier this year to build one of the first quantum computers of Europe and several European countries have published massive investment plans to boost the new technology.

“While quantum computing is still under development, governments and private organizations across the world are investing today to retain their competitive edge and become quantum-ready for the future,” IQM said.

IQM said MIG Fonds led the investment round, with also Finland’s investment vehicle Tesi, OpenOcean,, Vito Ventures, Matadero QED, Vsquared, Salvia, Santo Venture Capital, and Tencent among investors.

$1 = 0.8449 euros Reporting by Tarmo Virki in Tallinn; editing by David Evans

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