IQM Quantum Computers announced that it has raised $320 million in a Series B funding round, bringing its total capital raised to $600 million. The round was led by U.S.-based Ten Eleven Ventures, a cybersecurity-focused investment firm, with increased participation from Finnish venture capital and private equity company Tesi. Other participants included Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Companies of Schwarz Group, Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital.
“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits,” said Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers. The investment will support IQM’s expansion in the U.S. and other international markets, while strengthening its chip fabrication and research in Finland to advance fault-tolerant quantum computing.
“Ten Eleven’s investment reflects our belief that partnering with companies at the forefront of the quantum era will be essential for the future of secure computing,” said Alex Doll, Co-Founder and Managing General Partner of Ten Eleven Ventures, who also joined IQM’s Board of Directors. With additional support from investors like Tesi, IQM will scale its commercial infrastructure and enhance both on-premises and cloud offerings for research labs, enterprises, and universities worldwide.
