Investments in companies - 9.7.2019
IQM as an emerging hardware leader in the race to develop a quantum computer for practical applications.
With a vision to drive disruptive advancements in quantum computing, a team of innovators has launched IQM Finland Oy (IQM). The startup—a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT)—is developing hardware systems to enable the world’s first scalable quantum computing solution. The team has already pioneered breakthroughs in thermal management and other areas that influence computational speed and information accuracy. IQM as an emerging hardware leader in the race to develop a quantum computer for practical applications.
The company also just closed a EUR 11.45M seed round. The funders are Maki.vc, MIG Funds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures. Fund executives include global semiconductor experts and entrepreneurs who will help IQM to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. MIG Partner Dr. Axel Thierauf becomes Chairman; Ekaterina Almasque, a Partner with OpenOcean joins the board.
Quantum computing will revolutionize industries like drug discovery, materials science and finance by solving complex problems in hours instead of years. Although in its infancy, the industry could reach US$2-5B in the next five years. In ten years, it could soar to US$50B, according to a recent BCG analysis.
“IQM is founded on innovation that’s already taking quantum technology across new frontiers. Thanks to the support of Aalto and VTT, we moved fast to drive advancements at the system level to make quantum technology viable, practical and cost effective”, comments Dr. Jan Goetz, Co-founder & CEO of IQM.
”Quantum technology research is of a very high standard in Europe, but we’re lagging behind the USA in commercialisation. As a player in the Finnish world-class cluster of expertise in low-temperature physics, IQM is in an excellent position to challenge the American and Chinese companies currently dominating the world’s quantum computing sector. As a Finnish state-backed investment company, Tesi is natural part of the strong international syndicate investing in this ambitious project”, points out Tesi’s investment manager Tony Nysten.
IQM’s founders connected through their research at Aalto and VTT. All hold PhDs in quantum physics and are experts in superconducting quantum processors. Aalto and VTT were natural incubators for IQM. Both are world-renowned for their research in superconducting circuits, and more recently, quantum technology. Superconducting circuits power the quantum bits (qubits) that hold and process quantum information. Qubits represent the building blocks of a quantum computer.
Accelerating the adoption of quantum computing relies on relentlessly increasing computational speeds and improving error correction. This calls for driving faster clock cycles by vastly reducing the time required for qubit reset, logic gates and readout. Getting there requires hardware systems that are finely tuned to keep the fragile qubits stable, yet are robust, practical and cost effective. This is IQM’s domain.
Now, with its hardware innovations, the company aims to demonstrate the fastest qubit reset and readout in the industry, and bring a practically useful quantum computer closer to reality.
For additional information:
Jan Goetz, CEO; email@example.com; +358 505 666 483 (English & German)
Mikko Möttönen, Chief Scientist; firstname.lastname@example.org; +358 505 940 950 (English & Finnish)
Kuan Yen Tan, CTO; email@example.com; +358 503 442 896 (English & Chinese)
Tesi (Finnish Industry Investment):
Tony Nysten, Investment manager; firstname.lastname@example.org; +358 50 304 7660
About IQM Finland Oy
IQM is driving disruptive advancements in quantum computing. The startup is focused on developing hardware systems to enable the world’s first scalable quantum computing solution. With its early innovations in thermal management and other areas that influence computational speed and information accuracy, the company is an emerging hardware leader in the global race to develop a large-scale quantum computing solution for practical applications. Headquartered in Espoo, Finland, IQM is privately held and supported by international investors. www.meetiqm.com