IQM, a Finnish spin-out quantum company from Aalto University and VTT Technical Research Centre of Finland, is taking part in the early stages of the quantum computing era. With the company receiving assistance from the European Investment Bank, which will help in their quantum developments including the goal to create a 50-qubit device by 2024, the computer will be created in the joint national research infrastructure centre Micronova run by VTT and Aalto University in Espoo, a Helsinki suburb.
“We are Europe’s first quantum-dedicated fabrication facility. Our quantum processors and computers could revolutionise many sectors, from drug and vaccine development to cybersecurity, and bring important innovation in climate tech areas.”
Juha Vartiainen, co-founder and chief operating officer at IQM
IQM inaugurated a specialized fabrication facility in Espoo, Finland, in December 2021. By working with foreign research institutions and universities, this new center will stimulate more global research and create high-tech jobs.
The market for quantum computing is expected to reach $770 million by 2025, according to analysts. That is why, in February of this year, the European Investment Bank provided IQM with a €35 million loan under its European Guarantee Fund, a mechanism created to assist European businesses in dealing with the economic impact of the COVID-19 pandemic.
“By using quantum computers, we could simulate chemical reactions, facilitating drug design and production of different materials. From finance to energy, medicine to material sciences, logistics to advanced industries, quantum computing speeds up discoveries and breakthroughs to improve the lives of everyone.”
Juha Vartiainen, co-founder and chief operating officer at IQM
Fund Support by EU Investment Bank
IQM will continue to lead quantum research in Europe and around the world with the assistance of the European Investment Bank. The European Guarantee Fund of the EU bank seeks to increase Europe’s competitiveness by aiding businesses affected by the COVID-19 economic crisis. Many of these businesses are tech startups that require funding to scale their operations but lack that capital. This is crucial in the technology industry, as European businesses might otherwise need to seek China or the US for alternate sources of funding.
“The Fund enables us to offer long-term venture debt solutions and address the unique funding needs of fast-growing innovative companies in sectors crucial for Europe’s future.”
Cristian Antoci, venture debt and equity officer of European Investment Bank.
“The financing will be used to further develop and expand our European operations. It will also help us continue the development of our product and the expansion of our team of extremely talented experts.”
Pia-Johanna Lemmetty, head of finance at IQM
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