Espoo-based startup SemiQon has raised €17.5 million in funding from the European Innovation Council Accelerator program, ArcticStartup reports. The funding consists of €2.5 million in non-dilutive grants and €15 million in equity-based funding and will be utilized to advance the development of SemiQon’s cryogenic CMOS technology.
About SemiQon
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SemiQon is a spin-out from VTT’s Launchpad incubator, a deep-tech company that was founded in 2023 by a team of experts in microelectronics, quantum technology, and innovation management. The team develops scalable, cost-effective, and energy-efficient silicon-based quantum processors.
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SemiQon is addressing the scalability challenge in quantum computing by utilizing existing semiconductor manufacturing infrastructure to produce quantum processors.
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Its chips enable quantum computers to operate at warmer temperatures, reducing energy consumption and cost while supporting mass production.
“The strong customer demand for the cryo-CMOS will allow us to diversify our business to domains with rapider commercial traction than quantum computing. This funding assists us to take our cryo-CMOS product from current TRL6 (Technical readiness level) to TRL8 within the next two years as we initiate product testing with our customers at their product environment,” SemiQon CEO Himadri Majumdar commented.
Investment details
The €17.5 million funding includes €2 million raised in February 2023 and additional support from the European Innovation Council (EIC) under its Accelerator program. EIC is Europe’s largegest deep tech investor.
According to Crunchbase, since 2022, SemiQon has raised investments from Voima Ventures, Lunar Ventures, Dhyan Ventures, Tiny VC, Atomico Angel, and others.
With fresh funds, SemiQon plans to advance its cryo-CMOS product from a technical readiness level of 6 to 8 within the next two years. While continuing to develop its cryogenic CMOS line, SemiQon is also working towards its broader goal of developing quantum processors for future quantum computing applications.
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