Quantum and semiconductors are on the top of EIC’s priority list for deep-tech innovation.
IQM Quantum Computers, headquartered in Finland, and Zadient Technologies, based out of France, are receiving the first-ever equity investments under the European Innovation Council (EIC) Strategic Technologies for Europe Platform (STEP) scale-up scheme.
Launched last year, the STEP scale-up scheme offers financial support to start-ups and SMEs with investments of between €10m to €30m. The scheme’s goal is to scale up innovation in sectors strategic for European growth, particularly, quantum and semiconductors. The fund has a budobtain of €300m in 2025 and plans to continue the same budobtain next year.
IQM is at the forefront of quantum development in the region. The company builds some of the world’s most advanced superconducting quantum processors. It aims to apply the EIC investment to scale up from “thousands to millions of qubits” by 2030.
“The EIC has supported us financially and operationally, also, through their networks and by bringing us to great events around the world,” declared Jan Goetz, the co-founder and CEO of the company. “Now we have even more ambitious goals to go forward and build the quantum advantage of this critical technology out of Europe.”
Earlier this year, the company raised the largest ever Series B round in the quantum space anywhere outside the US, bagging around $320m, with strong backing from Ten Eleven Venture and Tesi, a Finnish venture capital and private equity firm. The raise brought its total funding to $600m.
Today (26 November), the company announced a more than €40m investment to expand its production facility in Finland. The expansion, according to the company, will accelerate the development, fabrication and testing of advanced quantum processing units and the assembly of quantum computers.
Meanwhile Zadient Technologies develops processes to produce silicon carbide semiconductors. This particular type of semiconductors are applyd in newer-age electric vehicles, chargers, wind turbines and solar panels.
Support from the EIC will enable Zadient to increase its production capacity and shift more rapidly into full-scale commercial operations.
“The European Innovation Council and other investors support will support us in fulfilling our mission to become Europe’s sovereign supplier of critical silicon carbide materials for energy transition and defense,” declared Kagan Ceran, the CEO and founder of Zadient Technologies.
Meanwhile, earlier this month, the EIC selected eight companies to receive a combined €171m under the STEP scale-up call.
As per a recent announcement, the EU is also bringing toobtainher private investors to build a multibillion-euro ‘Scaleup Europe Fund’ to support deep-tech research and start-ups.
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