IQM Quantum Computers raises €275M to drive Europe’s quantum computing race — TFN

After speculation of eyeing a close of €200 million, Espoo-based IQM Quantum Computers has secured €275 million in a Series B funding round. This round was led by cybersecurity-focused Ten Eleven Ventures, marking IQM’s first U.S. investor, alongside increased commitments from Finnish VC firm Tesi, and contributions from Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Schwarz Group, Winbond Electronics Corporation, EIC, and Bayern Kapital. 

Goldman Sachs International acted as the sole placement agent for the round, with Alex Doll joining IQM’s board of directors. This round brings the total capital raised to €515 million, including the €128 million closed in 2022. 

The company plans to expand its data centre infrastructure and assembly lines worldwide, while continuing to invest heavily in chip fabrication at its Finnish facilities. Importantly, IQM aims to accelerate research and development efforts, advancing toward fault-tolerant quantum computing and scaling systems up to the ambitious one-million-qubit milestone.

Europe’s answer to quantum giants 

Founded in 2018 by Jan Goetz, Mikko Möttönen, Kuan Yen Tan, and Juha Vartiainen, IQM has positioned itself as Europe’s frontrunner in the quantum computing sector. 

The company delivers full-stack superconducting quantum computers that combine hardware, software, and algorithms for an integrated solution. Its offering caters to high-performance computing centres, universities, research laboratories, and enterprises, providing both on-premises installations and cloud-based access to its quantum systems.

IQM’s technology portfolio is headlined by Radiance, a 54-qubit quantum computer priced at up to €30 million, and Radiance Star, a 24-qubit system featuring a proprietary star topology for optimised performance. Additionally, a 150-qubit system for internal testing and research is set to launch later this year. These advancements highlight IQM’s dual strategy of hardware innovation and scalable access to quantum computing power, bridging the gap between cutting-edge research and commercial applications.

Global reach 

With over 300 employees, IQM has built an impressive global presence, operating in France, Germany, Italy, Japan, Poland, Spain, Singapore, South Korea, and the United States, alongside its Finnish headquarters. 

The funding will help the company deepen its US market penetration and strengthen its position in key global markets, a strategic move to capture growing demand for quantum solutions.

Competitive edge

In Europe, IQM competes with Oxford Quantum Circuits in the UK and Pasqal in France, both of which have raised more than $100 million but still trail IQM in funding and scale.

On the global stage, IQM competes with heavyweights like Google, IBM, Huawei, and Fujitsu, as well as US-based PsiQuantum, which has raised approximately $1.6 billion to develop photon-based quantum systems. 

Despite facing competitors with deeper pockets, IQM’s focus on superconducting architectures and its full-stack capabilities have given it a distinctive edge in the European ecosystem.

Driving Europe’s quantum leadership

Touted to be the largest of its kind in the quantum sector outside the United States, IQM’s latest funding marks a turning point for Europe’s quantum ambitions. By combining advanced fabrication capabilities with a strategy for global expansion, IQM is demonstrating that European companies can build quantum systems to rival and in some niches surpass their US and Asian counterparts. 

Its scaling plans, paired with a commitment to innovation in error correction and qubit stability, position the company to lead the continent toward quantum maturity.

As the quantum race accelerates, IQM is redefining Europe’s role in this high-stakes industry. By bridging research excellence with commercial deployment and securing international investment, the company not only strengthens its own market leadership but also establishes Europe as a serious contender in the next computing revolution.

“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits. We also focus on strong business expansion in the U.S. and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering,” said Dr Jan Goetz, Co-founder and Co-CEO of IQM Quantum Computers.

“The addition of Ten Eleven as our first U.S.-based investor is a catalytic event for IQM and finding the right venture partner in the U.S. – one that could help us scale our technology and deliver value to our partners and customers – was essential. Ten Eleven’s proven track record in guiding companies to category leadership and their alignment with our vision made this partnership an ideal match,” added Dr Goetz.

“Having spent decades helping scale portfolio companies, we understand how to work with forward-thinking, global teams that are pushing the boundaries of innovation. Cybersecurity and quantum share an evolving relationship characterised by common stakeholder communities. This overlap will enable us to provide high-value counsel, capital, and connections to the IQM team,” said Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures.

“Tesi has been an investor in IQM since the very beginning, and we have had the privilege of witnessing its journey to becoming a global leader. Over the years, IQM has made great strides on its technology roadmap, production capabilities and customer deliveries which truly sets it apart from competition. We are happy that Tesi’s revised investment strategy allowed us to significantly increase our investment to support IQM’s next stage of growth journey”, said Juha Lehtola, Director of Venture and Growth Investments at Tesi.