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.
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.
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.
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