The Aalto University and VTT quantum computer spinout has lined up a potential series A round with an initial $16.9m contribution from EIC Accelerator.

IQM Finland, a Finland-based quantum computing hardware manufacturer spun out of Aalto University and VTT Technical Research Centre of Finland, has secured up to €15m ($16.9m) in equity financing. The EU-run EIC Accelerator provided the funding, which was announced alongside $3.7m of grant money from government innovation funding board Business Finland. IQM said the capital will go towards a proposed series A round. Founded in 2018, IQM is working on quantum computers that rely on superconducting materials to perform calculations on stable processing bits operating according to principles of quantum physics. The qubits would be coordinated with aspects of quantum software design in order to accelerate performance, in an approach known as co-design. The capital will be used to recruit additional quantum engineers with the aim of commercialising IQM’s computers and applications. The spinout recently opened a Germany-based research subsidiary to tap the country’s quantum skill base and fulfil assignments for its European software development partners. The funding comes after IQM closed a $13m round in July 2019 featuring state-owned investment firm Finnish Industry Investment, investment fund Matadero QED, venture capital fund Maki.VC, fund manager MIG Fonds and VC firms OpenOcean and Vito Ventures.

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