Quantum computing technology spinout IQM Finland’s scientific operation is helmed by the professor who launched Aalto University’s quantum computing devices group.
IQM Finland, a Finland-based quantum computing technology spinout of Aalto University and VTT Technical Research Centre of Finland, has closed a $13m seed round featuring state-owned investment firm Finnish Industry Investment.
The round was filled out by investment fund Matadero QED, venture fund Maki.VC, fund manager MIG Fonds and VC firms OpenOcean and Vito Ventures.
Founded in 2018, IQM Finland is working on superconducting circuits that help make quantum computing systems more stable. The company will focus on strengthening quantum building blocks known as qubits that the computer uses to hold and process information.
IQM Finland’s founding team includes its chief scientist Mikko Möttönen, the professor who launched Aalto University’s quantum computing devices group.
The seed capital will support IQM in its next growth phase, helping it assemble infrastructure, talent and industry partnerships. Axel Thierauf, partner at MIG Fonds, has been appointed the spinout’s chairman, while Ekaterina Almasque, partner at OpenOcean, has joined the board of directors.
Thierauf said: “We invested in IQM because we believe that the path to scalable quantum computing lies in hardware ingenuity. Beyond that, we are 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.”