IQM announced getting €17.5M in funding from the EIC.

Finland Investments 12 June 2020
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IQM, a Helsinki, Finland-based manufacturer of hardware for quantum computers, announced that it completed access to funding totalling €17.5 million.

The money is part grant (€2.5M) and up to €15M ($17M) of equity investment for their currently open Series A round from the EIC Accelerator program.

IQM, founded in 2018 and led by CEO Jan Goetz, is a spinout from Aalto University (Aalto) and VTT Technical Research Centre of Finland (VTT), working for the development of high-speed quantum processors to reduce the error rates currently limiting quantum computers. While focusing on superconducting quantum processors, IQM provides the full hardware stack for a quantum computer, integrating different technologies.

Prior to this funding round, IQM raised €11.4M ($13M) in private funding from a range of German and Finnish investors, including OpenOCean, Maki VC, Vito Ventures, and Matadero QED, as well as a €3.3M grant from Business Finland.