Finnish Quantum Computing Startup IQM Raises $300M in Series B Funding to Expand Globally

Finnish quantum computing startup IQM has raised over $300 million in a Series B funding round, led by US investment firm Ten Eleven Ventures. The company plans to use the funds for commercial expansion and R&D to align with the market's evolving understanding of quantum science. IQM aims to accelerate its roadmap for hardware and software, focusing on error correction and developing practical applications for quantum computing. The company will also invest in software development and chip fabrication facilities to compete with big tech companies.

Finnish quantum computing startup IQM has raised over $300 million in a Series B funding round, led by U.S. investment firm Ten Eleven Ventures. The company plans to use the funds for commercial expansion and research and development (R&D) to align with the market's evolving understanding of quantum science. IQM aims to accelerate its roadmap for hardware and software, focusing on error correction and developing practical applications for quantum computing. The company will also invest in software development and chip fabrication facilities to compete with big tech companies.

IQM, a Finnish quantum computing company spun out of Aalto University and Finland's VTT Technical Research Centre, has now raised $600 million in total funding [1]. The company builds quantum computers meant for on-premises installations as well as a cloud platform that taps into this hardware. IQM has sold its quantum computers to enterprises in APAC and the U.S., but its strongest market remains Europe.

The Series B funding round was led by Ten Eleven Ventures, a U.S. investment firm focused on cybersecurity. Alex Doll, managing general partner at Ten Eleven Ventures, will join IQM's board. According to Jan Goetz, IQM's co-founder and co-CEO, the addition of Ten Eleven as the first U.S.-based investor is a catalytic event for IQM. The company aims to scale its technology and deliver value to its partners and customers [1].

IQM is part of the Euro-Q-Exa program, which aims to integrate quantum and high-performance computing. The European Commission adopted a Quantum Strategy in July 2025 to position Europe as a global leader in quantum computing by 2030 [1]. Quantum computing stocks have been volatile in 2025, with D-Wave Quantum (QBTS) leading the sector with a gain of nearly 89% year to date [1].

IQM's 54-qubit chips are already in use at computing centers, research labs, universities, and enterprises. The company is now on track to deploy the first 150-qubit systems [2]. IQM's commercial push will focus on the U.S., where it recently sold an on-premise quantum computer to the Oak Ridge National Laboratory, a science lab run by the U.S. Department of Energy [2].

The Series B round also saw investment from Finnish investment firm Tesi, as well as Schwarz Group, Winbond Electronics Corporation, EIC, Bayern Kapital, and World Fund. Per IQM, this new round brings its total funding to date to $600 million [2]. IQM's co-CEO, Jan Goetz, feels the size of the round was justified by the commercial and technical milestones that the startup hit in the last few months. "We are now the company that has sold the most quantum computers globally, in all major continents," he said [2].

References:
[1] https://www.investors.com/news/technology/iqm-europe-quantum-computing-stocks/?mod=newsviewer_click&refcode=aflMarketWatch&src=A00619
[2] https://techcrunch.com/2025/09/03/brand-new-unicorn-iqm-sets-its-sights-beyond-europe-for-its-quantum-computers/