AsiaNet 84339

ESPOO, Finland, June 11, 2020 /PRNewswire=KYODO JBN/ --

Simultaneously IQM unveils its first quantum computer design to set the phase

in the technology roadmap

IQM Finland Oy (IQM)[https://www.meetiqm.com/], a leading European company for

quantum computer hardware, was just awarded a Euros 2.5M grant and up to Euros

15M of equity investment from the EIC Accelerator program for the development

of quantum computers, benefiting the industry and the society at large.

Together with Business Finland grants of Euros 3.3M that IQM received so far,

the company is on a fast run with more than Euros 20M more raised in less than

a year from its Euros 11.4M seed round, summing in total to Euros 32M.

IQM has experienced amazing growth, set up a fully functional research lab in

record time, and also hired the largest industrial quantum hardware team in

Europe. With the help of this new Euros 20M, IQM will hire one quantum engineer

per week and take an important next step to commercialize the technology

through co-design of quantum-computing hardware and applications.

"Quantum computers will be funded by European governments, supporting IQM´s

expansion strategy to build quantum computers in Germany," says Dr. Jan Goetz,

CEO and co-founder of IQM.

Last week, the Finnish government

announced[https://www.vttresearch.com/en/news-and-ideas/vtts-quantum-computer-ac

quisition-granted-eur-207-million-funding] they will support the acquisition of

a quantum computer with Euros 20.7M for the Finnish State Research center VTT.

"It has been a mind-blowing forty-million past week for quantum computers in

Finland. IQM staff is excited to work together with VTT, Aalto University, and

CSC in this ecosystem," rejoices Prof. Mikko Möttönen, Chief Scientist and

co-founder of IQM.

This announcement was followed by the German government with Euros 2b and to

immediately commission the construction of at least two quantum computers. IQM

sees this as an ideal point to expand its operations in Germany.

"With our growing team in Munich, IQM will build co-design quantum computers

for commercial applications and install testing facilities for quantum

processors," states Prof. Enrique Solano, CEO of IQM Germany.

Quantum computing will radically transform the lives of billions of people.

Applications range from game-changing invention of medicine and novel materials

to the discovery of economic models and sustainable processes.

"We are witnessing a boost in deep-tech funding in Europe, very important now.

For a healthy growth of startups like IQM, we need all three funding channels:

(1) research grants to stimulate new key innovations, (2) equity investments to

grow the company, (3) early adoption through acquisitions supported by the

government. This allows to pool the risk while creating a new industry and

business cases," says Dr. Goetz.

IQM is focusing on superconducting quantum processors, which are streamlined

for commercial applications in a novel Co-Design approach.

"With the new funding and immense support from the Finnish and the European

governments, we are ready to scale technologically. This brings us closer to

quantum advantage thus providing tangible commercial value in near-term quantum

computers," adds Dr. Kuan Yen Tan, CTO and co-founder of IQM.

IQM ranks in the top 2% of all European deep tech startups applying for the

highly competitive EIC Accelerator program

Thanks to its strong technology and business plan, IQM was one of the 72 to

succeed in the very competitive selection process of the EIC. Altogether 3969

companies applied for this funding.

"The Euros 15M equity component of the EIC can be an ideal contribution to

IQM's Series A funding round." says a beaming Dr. Juha Vartiainen, COO and

co-founder of IQM.

The new funding also supports IQM´s recent establishment of its new underground

quantum computing infrastructure capable of housing the first European farm of

quantum computers. IQM provides the full hardware stack for a quantum computer,

integrating different technologies, and invites collaborations with quantum

software companies. Brilliant quantum software engineers are also welcomed to

join IQM.

About IQM:

https://www.meetiqm.com/company/#aboutus

IQM videos:

https://www.youtube.com/channel/UCvjqSqZiJ715XVH3O3IF93Q

About EIC Accelerator (SME instrument) program:

https://ec.europa.eu/easme/en/news/eic-accelerator-offers-new-blend-grants-and-equity

About Business Finland:

https://www.businessfinland.fi/en/for-finnish-customers/about-us/in-brief/

IQM PR CONTACTS

IQM Contacts for questions and comments:

Dr Jan Goetz

CEO, IQM

email: jan@meetiqm.com    

tel. +358 505 666 483  

(English & German)

Prof Mikko Möttönen

Chief Scientist, IQM

email: mikko@meetiqm.com

tel. +358 505 940 950  

(English & Finnish)

Dr Kuan Yen Tan

Chief technology officer, IQM

email: kuan@meetiqm.com

tel. +358 504 778 091  

(English & Chinese)

Photo -

https://mma.prnewswire.com/media/1178706/IQM_quantum_computer_design.jpg

Photo - https://mma.prnewswire.com/media/1178704/IQM_Dr_Jan_Goetz.jpg

Photo - https://mma.prnewswire.com/media/1178705/IQM_founders.jpg  

Logo - https://mma.prnewswire.com/media/1121497/IQM_Logo.jpg

SOURCE: IQM Finland Oy