European Quantum Startup IQM Becomes a Unicorn After $320M Raise
IQM Quantum Computers, a European startup building superconducting quantum computers, has raised $320 million in its Series B funding round, bringing its total funding to nearly $600 million and valuing the company at over $1 billion.
The round was led by Ten Eleven Ventures , marking the company’s first U.S. investor. Other participants included Finnish state-owned investment firm Tesi , German retailer Schwarz Group , and existing backers such as Bayern Kapital and the EIC Fund .
Founded in 2018, IQM develops full-stack quantum computing systems for research institutions, governments, and companies. The startup operates a chip factory in Espoo, Finland, and plans to expand production in Grenoble, France. Its technology is used for applications in areas like cybersecurity, healthcare, and infrastructure, with a focus on making quantum computing more reliable and accessible.
The new funding will support IQM’s international growth, including partnerships with organizations such as the U.S. Department of Energy , and help advance the company toward its long-term goal of building a million-qubit quantum computer .
With this round, IQM joins the growing list of quantum computing companies achieving unicorn status, highlighting the increasing global interest and investment in this emerging technology.
Source:
A.M.
