Finnish Quantum Computing Firm IQM Raises $46 Million

CIOReviewIndia Team | Wednesday, 11 November 2020, 09:35 IST

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From investors like MIG and Tencent for boosting the emerging industry positions, Finnish quantum computing technology firm IQM raised 39 million euros ($46 million).

Founded in 2018, IQM develops quantum computers for research laboratories, and computing centres, which now raised a total of 71 million euros, and became one of the best funded European firms in the sector.

“For getting placed as a quantum leader for the future, Europe has ideal position. And the decades investment in science and research, required for power quantum breakthroughs provide to the strength,” sai by IQM.

Quantum computers has the ability of operating millions of times faster than today’s advanced supercomputers, where technology is based on quantum bits, or ‘qubits’, an exponentially increasing process for information.

In the beginning of 2020, Finland decided to build one of the first quantum computers of Europe and several European countries published massive investment plans for boosting the new technology.

IQM said, “Presently, quantum computing is in the development process, and governments and private organizations in the world are investing heavily for retaining their competitive edge and becoming a quantum-ready future.”

IQM said MIG Fonds led the investment round and Finland’s investment vehicle Tesi, OpenOcean, Maki.vc, Vito Ventures, Matadero QED, Vsquared, Salvia, Santo Venture Capital and Tencent among other investors.

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