Finland's IQM Raises $320M Series B to Scale Quantum Computing

Finnish quantum computing startup IQM Quantum Computers has raised $320 million in a Series B funding round led by U.S. investor Ten Eleven Ventures, marking its first American investment and bringing its total funding to $600 million. The fresh capital will support IQM's expansion into the U.S. market, scaling up production capacity, and advancing development toward error-corrected quantum systems with up to millions of qubits. IQM, which builds superconducting quantum computers for both on-premises use and cloud platforms, aims to compete with U.S. giants like IBM and Google by offering a range of machines from smaller educational systems to powerful enterprise-level units. The company has already sold 15 units globally, including to Oak Ridge National Laboratory in the U.S., and plans to grow its U.S. sales team and possibly establish a quantum data center there. This funding round elevates IQM to unicorn status with a valuation above $1 billion, reflecting increased investor enthusiasm for quantum computing amid Europe's push to keep pace with U.S. leadership in the sector. CEO Jan Goetz emphasized IQM's competitiveness against Nasdaq-listed rivals, highlighting its rapid growth and broadening commercial footprint.