Quantum Companies

IQM raises €39 million in Series A funding and intends to lead European Quantum future

November 12, 2020

IQM has managed to raise a total of €71 million after it recently raised €39 million in Series A funding. This will allow the superconducting quantum computer manufacturer to become a leader in European quantum computing. Within a year, this round of fundraising is the highest among all European deep-tech startups.

Founders: From left to right: Dr. Jan Goetz, CEO, Prof. Mikko Möttönen, Chief scientist,  Dr. Kuan Yen Tan, CTO,  Dr. Juha Vartiainen, COO
Founders: From left to right: Dr. Jan Goetz, CEO, Prof. Mikko Möttönen, Chief scientist,  Dr. Kuan Yen Tan, CTO, Dr. Juha Vartiainen, COO

MIG Fonds led this round of funding, and other existing investors such as Tesi, OpenOcean, Maki.vc, Vito Ventures, and Matadero QED were participating as well. Vsquared, salvia GmbH, Santo Venture Capital GmbH, and Tencent are new investors who also joined the round.

‘IQM has a strong track record of research and in achieving high growth. They continue to attract the best global talent across functions and have exceeded their hardware and software milestones. We are thrilled to lead this round and continue to support IQM as the company accelerates its next phase of business and hardware growth.’

Axel Thierauf, Partner at MIG Fonds, and Chairman of the Board of IQM

The Finnish company has been among the fastest-growing quantum computing companies since 2019, and possesses one of the largest quantum hardware engineering teams in the world. The funding will be used to boost IQM’s hardware development and co-design application-specific quantum computers. A large part will be dedicated to attracting and retaining additional quantum computing talent and to establish sales and business development teams.

An IQM quantum computer design

‘Today’s announcement is part of our ongoing Series-A funding round. I am extremely pleased with the confidence our investors have shown in our vision, team, product, and the ability to execute and commercialize quantum computers. This investment also shows their continued belief in building the future of quantum technologies. This is a significant recognition for our fantastic team that has achieved all our key milestones from the previous round. We’re just getting started.’

Jan Goetz, CEO of IQM

‘It is impressive to be a part of the IQM journey and see the progress of their technology. We’re proud to see another startup from Finland making a global impact. IQM will have a lasting impact on the future of computing, and consequently will help solve some of the global challenges related to healthcare, climate change and development of sustainable materials among many others.’

Juha Lehtola, Head of Direct VC Investments at Tesi (Finnish Industry Investment)

IQM’s mission is to deliver on-premises quantum computers to research laboratories and supercomputing centres. Industrial customers will receive quantum advantage based on application-specific processors, novel chip architectures, and extremely fast quantum operations. IQM will provide full hardware stacks for quantum computers and integrate various technologies. Collaboration between quantum software companies is welcomed.

Dr. Axel Thierauf, Chairman of the Board of IQM Prof. Enrique Solano, CEO of IQM Germany, Dr. Jan Goetz, CEO, Co-founder of IQM

‘We want to invest in deep technology startups that shape the future and advance society. IQM is the perfect example of a company that is on top of its game; their work on quantum computing will make an impact for generations to come.’

Herbert Mangesius, Founding Partner at Vsquared and Vito Ventures

The many investors in IQM also have kind words to say about the growing Finnish company.

‘We are proud once again to invest in IQM. Quantum computing processors are on the edge of our core scope of investing in scalable B2B software businesses, but this opportunity was too big to miss. We need a strong quantum eco-system to address the next generation of data-intensive computations, which cannot be created without the fastest and most robust quantum machines for real world applications provided by IQM. This is where IQM can be the step change that will foster the future of the industry.’

Ekaterina Almasque, Venture Partner at OpenOcean

‘IQM is a game-changer — a company that can play a leadership role in quantum computing, and one that will have a huge positive impact across the world. Quantum computers will also help us with our sustainability goals. We are thrilled to continue to support their ambitious vision.’

Ilkka Kivimäki, Partner at Maki.vc

Tencent’s European representative was enthusiastic at seeing the company grow and develop in the future.


‘IQM’s technical innovation, world-class scientific team and drive in building quantum computers have made them a European leader in the quantum computers field. We look forward to supporting them in commercializing quantum computing and achieving more milestones in future.’

Dr Ling Ge, Chief European Representative at Tencent

‘IQM’s seasoned technical and commercial team, long-term focus on quantum technology for global markets fits in well with our new fund’s focus areas. They have created leading technology from Europe and we are proud to join this round.’

Helmut Jeggle, Founding Partner and Managing Director at Salvia GmbH

It is very clear that the investors both old and new are looking forward to seeing IQM do great things within the quantum computing sector.


‘We believe in partnering with exceptional founders building the next generation of deep-tech global businesses. IQM has done a fabulous job in attracting the best talent and are solving real problems with their innovative approach. Quantum computing is definitely the future.’

Johannes Froehling, Deeptech investment activities at Matadero QED

Today, the sector of quantum computing is only just budding, and it will soon blossom slowly as many companies around the world race to develop new technologies. The next decade will likely be quantum technology’s golden decade, where major breakthroughs will emerge in healthcare, logistics, finance, chemistry, and more through the use of quantum computers.

About IQM

IQM is Europe’s leader in superconducting quantum computers. It is headquartered in Espoo, Finland. Since its 2018 inception, the company has grown to around 70 employees and counting, as well as established a German subsidiary in Munich to lead the co-design approach. IQM has received €3.3 million in grants from Business Finland and been awarded €15 million in an equity investment from the EIC Accelerator programme.