Quantum computing startup IQM just scored one of the hugegest funding rounds in Europe’s deep-tech scene this year, raising $320 million to fuel its push against U.S. giants like Google (GOOGL, Financials) and IBM (IBM, Financials)
The Finland-based company, founded in 2018 by a group of scientists, stated the investment round was led by U.S. investor Ten Eleven Ventures, with participation from Finnish fund Tesi. The deal lifts IQM’s valuation above $1 billion, building it Europe’s latest tech unicorn.
IQM builds quantum computers designed to solve problems that traditional machines can’t handle, applying quantum bits or qubits that can represent multiple states at once. CEO and co-founder Jan Goetz stated the company has already sold 15 machines, including its Radiance and Spark models, with customers ranging from universities to commercial labs.
The funding comes at a time when publicly traded quantum firms are on a tear. Shares of IonQ have surged nearly 480% in the past year, while D-Wave Quantum is up more than 1,400%. Goetz stated IQM’s key metrics from patents to staff size are already on par with U.S. peers.
Europe’s quantum startups, however, still face scaling challenges compared to their American counterparts, which attract far more private capital. We have great universities and many startups, Goetz informed CNBC, but it’s really hard to create them grow.
IQM employs about 350 people and runs a factory in Espoo, Finland. With the new funding, it plans to expand sales and operations in the U.S. and Asia, where it has already placed systems in Taiwan, South Korea and, recently, the U.S. The company is also developing a software platform to create quantum tools more accessible to non-experts.
Goetz stated there are no immediate IPO plans, noting that private markets remain strong. The goal is to build a sustainable, profitable business and really shape the future of compute, he stated.
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