IQM raised €39 million in a Series A round led by MIG Fonds and including Tencent, Vsquared, Salvia and Santo Venture Capital.

IQM Quantum Computers, an Espoo, Finland-based quantum computers manufacturer, announced that it completed a funding round of €39 million ($46 million).

The money, claimed to be a Series A round, was raised from investors led by MIG Fonds, and included contributions from new investors Tencent, Vsquared, Salvia and Santo Venture Capital, as well as from existing shareholders Tesi, OpenOcean, Maki.vc, Vito Ventures and Matadero QED.

Proceeds will be used to accelerate hardware development and help the team co-design application-specific quantum computers for industrial clients.

IQM, founded in 2018 as a spin out of the Aalto University and the VTT Technical Research Centre of Finland and led by CEO Jan Goetz, develops the full hardware stack for a quantum computer, integrating different technologies, and then invites collaborations with quantum software companies. IQM has 70 employess located in Finland and in a subsidiary in Germany.

IQM Quantum Computers previously raised about $30 million as well as a €2.5M funding grant in 2020.