Security News > 2020 > June > IQM awarded more than €20M for the development of quantum computers

IQM Finland Oy was awarded a €2.5M grant and up to €15M of equity investment from the EIC Accelerator program for the development of quantum computers, benefiting the industry and the society at large.

Together with Business Finland grants of €3.3M that IQM received so far, the company is on a fast run with more than €20M more raised in less than a year from its €11.4M seed round, summing in total to €32M. IQM has experienced amazing growth, set up a fully functional research lab in record time, and also hired the largest industrial quantum hardware team in Europe.

"With our growing team in Munich, IQM will build co-design quantum computers for commercial applications and install testing facilities for quantum processors," states Prof. Enrique Solano, CEO of IQM Germany.

"With the new funding and immense support from the Finnish and the European governments, we are ready to scale technologically. This brings us closer to quantum advantage thus providing tangible commercial value in near-term quantum computers," adds Dr. Kuan Yen Tan, CTO and co-founder of IQM. IQM ranks in the top 2% of all European deep tech startups applying for the highly competitive EIC Accelerator program.

"The €15M equity component of the EIC can be an ideal contribution to IQM's Series A funding round." says a beaming Dr. Juha Vartiainen, COO and co-founder of IQM. The new funding also supports IQM´s recent establishment of its new underground quantum computing infrastructure capable of housing the first European farm of quantum computers.

News URL

http://feedproxy.google.com/~r/HelpNetSecurity/~3/0XzkaWjI48Y/