Espoo-based quantum computing startup IQM has announced it has received around 11.2 million euros in a seed investment round.
The company, which has its roots in Aalto University and the Technical Research Centre of Finland (VTT), develops high-speed quantum processors that reduce the error rates that have limited quantum computing.
In a statement on Tuesday, IQM said it is getting funding from US-based investor Matadero QED; Finnish state-owned investment firm Tesi; Helsinki-based venture capital firms Maki.vc and OpenOcean as well as German investment firms MIG Fonds and Vito Venutres.
The firm said it plans to use the seed investment towards building infrastructure, hiring talent and expanding its collaboration efforts.
According to the company, by solving complex mathematical problems, quantum computing will revolutionise many industries - including the pharmaceutical sector, materials science and the financial world.
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IQM's co-founder and chief scientist, Professor Mikko Möttönen, said the company's location in Finland's tech centre of Espoo makes a difference.
"Our headquarters in Finland — a hub of quantum research — is a powerful differentiator for IQM. It gives us access to technologists doing ground-breaking work, and puts us close to institutions offering fabrication facilities with cutting-edge process technologies that we will use to develop our products," Möttönen said.
The company's CEO, Jan Goetz, said the company aims to bring quantum technology into common use.
"IQM is founded on innovation that’s already taking quantum technology across new frontiers. Thanks to the support of Aalto and VTT, we moved fast to drive advancements at the system level to make quantum technology viable, practical and cost effective," Goetz said.