Finland-based startup secures USD 12.6M in seed funding from international investors
ESPOO, Finland, July 9, 2019 /PRNewswire/ -- With a vision to drive disruptive advancements in quantum computing, a team of innovators has launched IQM Finland Oy (IQM). The startupâ€”a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT)â€”is developing hardware systems to enable the world's first scalable quantum computing solution. The team has already pioneered breakthroughs in thermal management and other areas that influence computational speed and information accuracy. The innovations establish IQM as an emerging hardware leader in the race to develop a quantum computer for practical applications.
The company also just closed a USD 12.6M seed round. The funders are Matadero QED, Maki.vc, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures. Fund executives include global semiconductor experts and entrepreneurs who will help IQM to build infrastructure, recruit talent, and expand collaborations with ecosystem partners. MIG Partner Dr. Axel Thierauf becomes Chairman; Ekaterina Almasque, a Partner with OpenOcean joins the board.
Quantum computing will revolutionize industries like drug discovery, materials science and finance by solving complex problems in hours instead of years. Although in its infancy, the industry could reach US$2-5B in the next five years. In ten years, it could soar to US$50B, according to a recent BCG analysis.
IQM's founders connected through their research at Aalto and VTT. All hold PhDs in quantum physics and are experts in superconducting quantum processors. Aalto and VTT were natural incubators for IQM. Both are world-renowned for their research in superconducting circuits, and more recently, quantum technology. Superconducting circuits power the quantum bits (qubits) that hold and process quantum information. Qubits represent the building blocks of a quantum computer.
Accelerating the adoption of quantum computing relies on relentlessly increasing computational speeds and improving error correction. This calls for driving faster clock cycles by vastly reducing the time required for qubit reset, logic gates and readout. Getting there requires hardware systems that are finely tuned to keep the fragile qubits stable, yet are robust, practical and cost effective. This is IQM's domain.
Now, with its hardware innovations, the company aims to demonstrate the fastest qubit reset and readout in the industry, and bring a practically useful quantum computer closer to reality.
"IQM is founded on innovation that's already taking quantum technology across new frontiers. Thanks to the support of Aalto and VTT, we moved fast to drive advancements at the system level to make quantum technology viable, practical and cost effective." ~ Dr. Jan Goetz, Co-founder & CEO, IQM
"We're excited to advance our efforts to demonstrate the fastest qubit reset and readout in the industry. We're confident this will bring the industry closer to a viable quantum computing solution." ~ Dr. Kuan Tan, Co-founder & CTO, IQM.
"We invested in IQM because we believe that the path to scalable QC lies in hardware ingenuity. Beyond that, we're impressed by the team's knowledge and expertise, their disciplined approach to solving formidable problems, and their keen understanding of what it takes to turn remarkable innovation into a promising business. We're pleased to support their efforts." ~ Dr. Axel Thierauf, Partner at MIG.
About IQM Finland Oy
IQM is driving disruptive advancements in quantum computing. The startup is focused on developing hardware systems to enable the world's first scalable quantum computing solution. With its early innovations in thermal management and other areas that influence computational speed and information accuracy, the company is an emerging hardware leader in the global race to develop a large-scale quantum computing solution for practical applications. Headquartered in Espoo, Finland, IQM is privately held and supported by international investors. www.meetiqm.com
Jan Goetz, CEO; email: email@example.com; +358-505-666-483 (English & German)
Kuan Yen Tan, CTO; email: firstname.lastname@example.org; +358-503-442-896 (English & Chinese)
Jane Evans-Ryan; Genuity Communications; email: email@example.com