IQM Quantum Computers Secures $320 mn to Push Toward Million-Qubit Systems

IQM Quantum Computers, a European startup which makes hardware for quantum computers, has raised $320 million (€275 million) in a Series B funding round, bringing its total funding to $600 million.

Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers, said the funding round would fuel the company’s growth by accelerating its technology roadmap toward error-corrected systems scaling from thousands to millions of qubits. He added that IQM would also focus on expanding its business in the U.S. and other global markets, supported by its on-premises quantum computer offerings and the recently upgraded cloud services.

The round was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM’s first U.S.-based investor, with additional backing from Finnish venture capital and private equity company Tesi, which increased its commitment.

Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures, emphasized the strategic importance of the deal: “Having spent decades helping scale portfolio companies, we understand how to work with forward-thinking, global teams that are pushing the boundaries of innovation… Ten Eleven’s investment reflects our belief that partnering with companies at the forefront of the quantum era will be essential for the future of secure computing.”

“Tesi has been an investor in IQM since the very beginning… We are happy that Tesi’s revised investment strategy allowed us to significantly increase our investment to support IQM’s next stage of growth journey,” added Juha Lehtola, Director of Venture and Growth Investments at Tesi.

Other participants included Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Companies of Schwarz Group, Winbond Electronics Corporation, sovereign wealth funds EIC and Bayern Kapital, and several new and existing investors.

Earlier this year, it was annuonced that IQM Quantum Computers will deliver 150-qubit and 300-qubit systems to Finland’s VTT in 2026 and 2027, advancing quantum error correction research. Previously supplying 5-, 20-, and 50-qubit machines, IQM continues strengthening Finland’s quantum ecosystem and enabling next-generation algorithm development within its high-performance computing infrastructure.