Brand new unicorn IQM sets its sights beyond Europe for its quantum computers
Finnish startup IQM has officially joined the unicorn club, raising over $300 million in a Series B funding round led by U.S.-based Ten Eleven Ventures. The milestone marks a turning point as the brand new unicorn IQM sets its sights beyond Europe for its quantum computers, targeting fresh markets in the U.S. and Asia-Pacific.
Image Credits:IQM
From university spinout to global quantum player
IQM began as a university spinout, building on-premises quantum computers and offering a complementary cloud platform. While the company’s strongest customer base remains in Europe, recent sales in the U.S. and APAC show its global ambitions are gaining momentum.
The new funding is designed to accelerate IQM’s commercial push while fueling research and development, ensuring its technology adapts to the market’s evolving needs.
Competing with big tech in the U.S.
Breaking into the U.S. won’t be easy. Giants like IBM, Google, and Microsoft already dominate the quantum computing conversation. IQM’s strategy involves doubling down on hardware and software innovation.
Co-CEO and co-founder Jan Goetz says IQM will channel its new funding into advanced chip fabrication facilities and cutting-edge software development. A key focus will be quantum error correction, an area that could determine who wins the next phase of the quantum race.
Why error correction is critical
Quantum computers are prone to instability, making error correction—the ability to detect and fix mistakes—essential. While once the race was about achieving the highest number of qubits, today reliability and performance quality matter more.
“It’s always a trade-off between number of qubits and quality and reliability,” Goetz explained. IQM’s research aims to strike this balance and make practical quantum computing a reality for industries that have been waiting for its promised breakthroughs.
Looking ahead
With fresh capital, a unicorn valuation, and eyes set firmly beyond Europe, IQM is positioning itself as a formidable challenger in the quantum landscape. If it succeeds, the brand new unicorn IQM could become one of the first companies to translate theoretical quantum science into commercial impact worldwide.
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