IQM secures $320M funding for quantum computing growth
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IQM Quantum Computers has raised $320 million (€275 million) in Series B funding to accelerate quantum computing growth and expand globally. The round, the largest of its kind outside the US, boosts IQM’s total funding to $600 million.
For eeNews Europe readers, this milestone shows how Europe’s role in quantum computing growth is strengthening, while also drawing in US investment.
US investor leads record round
The round was led by Ten Eleven Ventures, a US-based cybersecurity-focused venture capital firm, with continued support from Finnish investment company Tesi. Other participants included Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Winbond Electronics, Companies of Schwarz Group, Bayern Kapital, and the European Innovation Council (EIC) fund.
“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits,” said Dr. Jan Goetz, Co-Founder and Co-CEO of IQM. “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.”
The raise comes at a time when governments and enterprises worldwide are investing heavily in quantum computing capabilities. IQM, which builds full-stack superconducting quantum computers, has emerged as a European leader in both on-premises quantum deployments and cloud-based offerings.
Expansion and technology roadmap
The new funds will be directed towards expanding IQM’s commercial footprint, scaling its data center infrastructure, and investing further into its chip fabrication facilities in Finland. The company is aiming for fault-tolerant quantum computing, with ambitions to scale from thousands to one million qubits supported by error reduction and correction techniques.
“Cybersecurity and quantum share an evolving relationship characterized 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 at Ten Eleven Ventures, who joins IQM’s board of directors as part of the deal.
Tesi, one of IQM’s earliest backers, also deepened its commitment. “Over the years, IQM has made great strides on its technology roadmap, production capabilities, and customer deliveries, which truly sets it apart from competition,” said Juha Lehtola, Director of Venture and Growth Investments at Tesi. “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.”
Quantum race heats up
For Europe’s quantum ecosystem, the funding underscores the region’s growing competitiveness against US and Chinese rivals. IQM’s focus on scaling hardware while developing commercially viable offerings could accelerate adoption in industries ranging from secure communications to high-performance computing.
With the largest Series B in quantum to date outside the US, IQM is positioning itself not just as a European leader but as a global contender in the race towards practical quantum computing.
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