As part of the European Guarantee Fund’s venture debt product, IQM Quantum Computers has received a €35 million loan from the European Investment Bank (EIB). This fund is to support IQM Quantum Computers’ project of developing and commercialization of its quantum processors.
The loan follows a recent announcement by IQM where it unveiled its first fabrication facility located in Espoo, Finland. Besides the loan which is part of the European Guarantee Fund’s venture debt product, IQM also received the EIB Advisory Services support before the EIB financing application.
“Today’s chips shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia. Quantum processors give us an opportunity to learn from this and become self-reliant first and a global provider for quantum chips in the future. This EIB loan supports us in building more balanced and resilient quantum development in Europe. We are already working on the most advanced quantum technology in Europe , and this loan will also help us create the next-generation European quantum ecosystem.”
Dr. Jan Goetz, IQM’s Chief Executive
As stated by IQM Quantum Computers, the loan will be used to expand its fabrication facility, advance material research, and develop its quantum processors.
“Quantum computing is still at an early stage,” However, it has the potential to revolutionize many sectors, from drug and vaccine development to cybersecurity. Given the scale of the potential impact, global competition in quantum computing is fierce. Ensuring that companies such as IQM are well-funded is key to positioning Europe as a technological leader worldwide.”
Werner Hoye – EIB President
IQM Quantum Computers had, in November, launched their fabrication facility in Espoo, Finland, the first of its kind in Europe. They’re currently working on an open-source processor design software KQCircuits and the Q-Exa project for quantum acceleration for HPC centres. This debt-financing will not only advance IQM Quantum Computers’ vision of developing quantum processors on a commercial scale but also establish their European leadership.
“As we consider quantum computing as a sector of strategic importance, we are glad to support the Finland-based company IQM. With our financing, we not only sustain and create jobs within a highly innovative industry, but we also place ourselves squarely behind technological know-how. Europe has a strong tradition of quantum research, and funding IQM ensures that the results of this research will be put into practice in real-world innovations.”
Thomas Östros – EIB Vice-President
About EIB
The European Investment Bank (EIB) is a lending institution owned by European Union member states. They provide debt financing for European businesses.
About IQM
IQM is a European-based quantum computing company with offices in Finland, Munich, Bilbao, and Paris. They are building the first VTT-enabled commercial 54-qubit quantum computer in Finland and Q-Exa; their consortium is building a quantum computer with an HPC supercomputer as a reference point for advanced research.