IQM raised $13M in a seed investment round.

Finland Investments 09 July 2019
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IQM FInland, an Espoo, Finland-based manufacturer of hardware for universal quantum computers, announced closing a $13M capital investment round.

The funding was provided by a range of German and Finnish investors, including Matadero QED, Maki.vc, MIG Fonds, OpenOcean, Tesi (Finnish Industry Investment), and Vito Ventures.

The money will be used to build infrastructure, recruit talent, and expand collaborations with ecosystem partners from the semiconductor industry. At the same time, MIG Partner Axel Thierauf will join as Chairman of the board and Ekaterina Almasque, a Partner with OpenOcean, will become a board member.

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.