Venture Capital: IQM, European Maker Of Quantum Computers, Lands €128 million ($128m) In Series A2 Funding
The round was led by World Fund, and is the largest ever funding round raised by a European quantum computing company.
IQM Quantum Computers, which is based in Espoo, Finland, and makes world-beating quantum computers for the benefit of mankind, announced its €128 million Series A2 funding round led by World Fund with the participation of Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma along with its existing investors Maki.vc, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared. Quantum computing is expected to improve drug discovery, transform encryption and data protection, and predict financial systems. For example, a problem that could take a supercomputer 10,000 years to solve would take a quantum computer only four minutes. (ARCTICSTARTUP)
According to a McKinsey forecast, climate technologies developed using quantum computing could reduce carbon dioxide emissions by seven gigatons a year by 2035.
Quantum technology has the ability to model climate solutions that would previously be impossible to achieve through current levels of computing power, says IQM.
The company is already exploring innovative approaches to develop better battery solutions with a leading car manufacturer. Notably, World Fund only invests in technologies with a Climate Performance Potential (CPP) of removing 100 million tonnes of carbon from the atmosphere annually by 2040.
“The fund’s CPP calculations show that the battery performance and adoption use cases alone would enable IQM’s technology to exceed this threshold,” IQM said.
It will use the latest funding to expand its international business operations, accelerate research and pioneer new product development.
It is also investing in the co-design of quantum computer processors to provide solutions to tackle the climate crisis and promote sustainable development to improve lives around the world.
Related Story: Quantum Machines Nabs $50M Series B
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