Finland’s IQM Quantum Computers raises $320 million
IQM Quantum Computers, a university spinout based in Finland, has joined the ranks of unicorns after closing a $300+ million Series B round led by Ten Eleven Ventures, a U.S. investment firm specializing in cybersecurity. The raise brings IQM’s total funding to date to around $600 million, solidifying its position as one of Europe’s most prominent quantum computing players.
Expanding Beyond Europe
While IQM has already sold systems to enterprises in APAC and the U.S., Europe has remained its strongest market. With this new round, the startup plans to accelerate both commercial expansion and R&D investment, particularly targeting the U.S. market where it faces heavyweights like IBM, Google, and Microsoft.
The company recently sold an on-premise quantum computer to Oak Ridge National Laboratory, a U.S. Department of Energy facility — a sign of the traction it hopes to build on. Co-CEO and co-founder Jan Goetz said IQM may eventually consider local assembly in the U.S. to address tariffs, but for now its focus is squarely on sales and partnerships.
Investing in Hardware and Software
IQM’s roadmap emphasizes chip fabrication, software development, and error correction research. Error correction — the ability to detect and fix inherent quantum errors — has become one of the most critical frontiers in quantum computing. “It’s always a trade-off between number of qubits and quality and reliability,” Goetz explained.
Beyond reliability, the company is working on making quantum more accessible to non-specialist developers. IQM plans to launch a developer platform, described by Goetz as “an SDK for quantum computing,” built on Qrisp, an open-source project from Berlin’s research institute FOKUS. The aim is to attract a broad developer community to build applications on its machines.
Market Position and Growth
IQM has already deployed 54-qubit chips at research labs, universities, and enterprises, and is now preparing its first 150-qubit systems. Despite the sector’s early stage — IQM’s total production stood at just 30 quantum computers in late 2024 — the company claims to have sold more quantum computers globally than any other player.
IQM employs about 300 staff, with most of its R&D in Munich, Germany. With the new funding, it plans to grow its team further and create more commercial traction, especially in the U.S.
Backing from Strong Investors
The round was led by Ten Eleven Ventures, whose co-founder Alex Doll will join IQM’s board. Doll emphasized the link between quantum and cybersecurity, noting: “Quantum computing will be a pivotal pillar in the next era of cybersecurity and computational innovation.”
Other investors in the round included Finland’s Tesi, Schwarz Group, Winbond Electronics Corporation, EIC, Bayern Kapital, and World Fund.
For Goetz, the unicorn milestone is less significant than the company’s technical progress. “We are now the company that has sold the most quantum computers globally, in all major continents,” he said, adding that the next milestone — scaling beyond 150 qubits — is the real prize.
