Finland-based startup IQM raises $12.6 million to disrupt and advance quantum computing technology
Why are technology giants like Google, Microsoft, IBM and governments around the world continue to make significant investments in quantum computing? It is because they believe the technology will one day change the world by solving problems that are intractable for today’s classical computers. Quantum computing will revolutionize industries like drug discovery, materials science and finance by solving complex problems in hours instead of years. Although in its infancy, the industry could reach US$2-5B in the next five years. In ten years, it could soar to $50 billion, according to a recent BCG analysis.
Technology giants are not alone in investing in quantum computing, innovative and forward thinking startups are also getting into the action. One of these startups is IQM Finland Oy (IQM), a Finland-based startup and a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT).
Today IQM announced it has secured $12.6 million in seed funding from international investors to drive disruptive advancements in quantum computing technology. Investor for this round include: Matadero QED, Maki.vc, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures. Fund executives include global semiconductor experts and entrepreneurs who will help IQM to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. MIG Partner Dr. Axel Thierauf becomes Chairman; Ekaterina Almasque, a Partner with OpenOcean joins the board.
Founded in 2018 by a team of innovators, the Espoo, Finland-based IQM is focused on developing hardware systems to enable the world’s first scalable quantum computing solution. The team has already pioneered breakthroughs in thermal management and other areas that influence computational speed and information accuracy. The innovations establish IQM as an emerging hardware leader in the race to develop a quantum computer for practical applications.
IQM’s founders connected through their research at Aalto and VTT. All hold PhDs in quantum physics and are experts in superconducting quantum processors. Aalto and VTT were natural incubators for IQM. Both are world-renowned for their research in superconducting circuits, and more recently, quantum technology. Superconducting circuits power the quantum bits (qubits) that hold and process quantum information. Qubits represent the building blocks of a quantum computer.
Accelerating the adoption of quantum computing relies on relentlessly increasing computational speeds and improving error correction. This calls for driving faster clock cycles by vastly reducing the time required for qubit reset, logic gates and readout. Getting there requires hardware systems that are finely tuned to keep the fragile qubits stable, yet are robust, practical and cost effective. This is IQM’s domain.
Now, with its hardware innovations, the company aims to demonstrate the fastest qubit reset and readout in the industry, and bring a practically useful quantum computer closer to reality.
Commenting on the funding, Dr. Jan Goetz, Co-founder & CEO, IQM, said: “IQM is founded on innovation that’s already taking quantum technology across new frontiers. Thanks to the support of Aalto and VTT, we moved fast to drive advancements at the system level to make quantum technology viable, practical and cost effective.”
“We’re excited to advance our efforts to demonstrate the fastest qubit reset and readout in the industry. We’re confident this will bring the industry closer to a viable quantum computing solution,” said Dr. Kuan Tan, Co-founder & CTO, IQM.
With its early innovations in thermal management and other areas that influence computational speed and information accuracy, the company is an emerging hardware leader in the global race to develop a large-scale quantum computing solution for practical applications.
“We invested in IQM because we believe that the path to scalable QC lies in hardware ingenuity. Beyond that, we’re impressed by the team’s knowledge and expertise, their disciplined approach to solving formidable problems, and their keen understanding of what it takes to turn remarkable innovation into a promising business. We’re pleased to support their efforts,” said Dr. Axel Thierauf, Partner at MIG.