IQM Quantum Computers has raised €275 million in a landmark funding round led by Ten Eleven Ventures, aimed at scaling its operations globally and enhancing its quantum computing capabilities.

Information on the Target

IQM Quantum Computers, a Finnish leader in quantum computing, has successfully raised €275 million in a growth funding round. This funding round was led by Ten Eleven Ventures, marking its entry as the first US investor in the company, alongside Tesi (Finnish Industrial Investments). This significant capital injection will enable IQM to scale its production and data center infrastructure globally while accelerating its growth particularly in the United States.

The funding round is notable for being one of the largest ever in the quantum industry, and it represents the largest Series B funding round in Finland's history, as well as the second-largest in the Nordic region. A variety of current and new investors participated in this round, including pension companies Elo and Varma, strategic investors such as Schwarz Group companies and Winbond Electronics Corporation, along with public investors like the European Innovation Council and Bayern Kapital.

Industry Overview in Finland

The quantum technology sector has become increasingly vital in Finland, positioning the country as a global leader in this field. The Finnish government has placed significant emphasis on developing deep technology sectors, and