IQM Quantum Computers, a Finnish quantum computing startup, recently closed a $320 million Series B funding round. Ten Eleven Ventures led the investment, becoming the company's first U.S. investor. This round brings IQM's total capital raised to $600 million.
The company aims to scale its technology from hundreds to millions of qubits. Furthermore, it plans significant expansion into the U.S. market. Funds will support building cloud data center infrastructure and manufacturing assembly lines.
Advancing Quantum Technology and Scale
IQM Quantum focuses on developing superconducting qubit-based quantum computing systems. These systems require storage at temperatures near absolute zero. The startup's technology is similar to approaches pursued by IBM Corp. and Google LLC.
IQM offers several quantum computing platforms. Its flagship, IQM Radiance, provides on-premises machines with 20, 54, or 150 high-fidelity qubits. Additionally, IQM Spark is a five-qubit machine designed for educational and research purposes. Customers can also access quantum computers via the cloud through IQM Resonance.
The company's machines feature advanced error correction capabilities. IQM addresses qubit instability by identifying and correcting errors instantly. Its quantum chips include a "quantum-circuit refrigerator" for rapid individual qubit cooling and reset. This innovation tackles a major bottleneck in quantum memory.
This funding will accelerate IQM's roadmap toward error-corrected systems. The company targets scaling its quantum computers to 1 million superconducting qubits by approximately 2032. Research will also continue to improve fault tolerance.
