IQM secures US$13M Seed Round for Quantum Computing

IQM AIMS TO DRIVE DISRUPTIVE ADVANCEMENTS IN QUANTUM COMPUTING TECHNOLOGY

ESPOO, Finland, July 9, 2019 – Our vision to drive disruptive advancements in quantum computing is now supported by a seed investment round in IQM. Our startup is a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT), where we are developing high-speed quantum processors to reduce the error rates currently limiting quantum computers. We are looking forward to an exciting future!

We are happy to receive great support from Matadero QED, Maki.vc, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures. Especially their global semiconductor expertise and entrepreneurship will help us to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. We welcome MIG Partner Dr. Axel Thierauf as Chairman of the board and also our new board member Ekaterina Almasque, a Partner with OpenOcean.

Link to investor statements

At IQM we think that quantum computing will revolutionize industries like drug discovery, materials science and finance by solving complex problems in hours instead of years. Our goal is to create value based on the power of quantum technologies.

The founding team connected through common research at Aalto and VTT. Our common background is in quantum physics and especially in superconducting quantum processors. Aalto and VTT were natural incubators for us and have continuously supported the founding process. We enjoy the great infrastructure provided by Aalto and VTT in particular in superconducting circuits, and more recently, quantum technology.

Accelerating the adoption of quantum computing relies on relentlessly increasing computational speeds and improving error correction. This calls for driving faster clock cycles by vastly reducing the time required for qubit reset, logic gates and readout. Getting there requires hardware systems that are finely tuned to keep the fragile qubits stable, yet are robust, practical and cost effective. This is IQM’s domain.

Now, with our hardware innovations, we aim to demonstrate more efficient quantum processores, and bring a practically useful quantum computer closer to reality.

Link to press release

Executive Statements

• “IQM is founded on innovation that’s already taking quantum technology across new frontiers. Thanks to the support of Aalto and VTT, we moved fast to drive advancements at the system level to make quantum technology viable, practical and cost effective.” ~ Dr. Jan Goetz, Co-founder & CEO, IQM.

• “We’re thrilled that our steady progress inspired our investors to enable our next growth phase. Their expertise will be invaluable as we build a strong technology company.” ~ Dr. Juha Vartiainen, Co-founder and COO, IQM.

• “Our headquarters in Finland—a hub of quantum research—is a powerful differentiator for IQM. It gives us access to technologists doing ground-breaking work, and puts us close to institutions offering fabrication facilities with cutting-edge process technologies that we will use to develop our products.” ~ Prof. Mikko Möttönen, Co-founder & Chief Scientist, IQM; Founder of Aalto’s Quantum Computing Devices (QCD) Group.

• “We’re excited to advance our efforts to demonstrate the fastest qubit reset and readout in the industry. We’re confident this will bring the industry closer to a viable quantum computing solution.”~ Dr. Kuan Tan, Co-founder & CTO, IQM.

Note to Reporters: IQM’s CEO Dr. Goetz will deliver a keynote address at 1E9 The_Conference happening this week in Munich. Goetz’s presentation is titled “Shaping the Quantum Future from Europe”.

Direct Contact to the Founding Team

• • Jan Goetz, CEO; email: email hidden; JavaScript is required; +358 505 666 483 (English & German)
  • Mikko Möttönen, Chief Scientist; email: email hidden; JavaScript is required; +358 505 940 950 (English & Finnish)
  • Kuan Yen Tan, CTO; email: email hidden; JavaScript is required; +358 503 442 896 (English & Chinese)
  • Juha Vartiainen, COO; email: email hidden; JavaScript is required; +358 40 1911343 (English & Finnish)