IQM Quantum Computers, a Helsinki-based quantum computing startup, is in talks to raise over €200 million in funding, marking a crucial moment for Europe’s quantum computing sector. This fundraising effort follows IQM’s previous €128 million Series A round in 2022 – the largest funding round ever secured by a European quantum computing company.
CEO Jan Goetz confirms the fundraising process is underway. He had previously indicated that the company was “constantly fundraising” and aimed to secure “a multiple” of its 2022 raise. Since its founding in 2018, IQM has built a strong financial foundation, raising more than €200 million in venture capital. The 2022 funding round was led by World Fund, with notable investors including Tencent Holdings, Tesi (Finland’s state investment company), Maki.VC, MIG Funds, and OpenOcean.
European answer to the Googles, IBMs, Fujitsus and Huaweis when it comes to quantum
IQM, founded in 2018 by Jan Goetz, Mikko Möttönen, Kuan Yen Tan, and Juha Vartiainen, positions itself as Europe’s answer to quantum technology giants like Google, IBM, Fujitsu, and Huawei. The company operates a dual business model: building full-stack superconducting quantum computers and manufacturing essential chips while offering quantum computing access through cloud services.
CEO Jan Goetz claims IQM distinguishes itself by creating “the fastest, highest-quality, and most stable quantum processors.” The company operates its chip manufacturing facility, producing up to 20 quantum computers yearly. Industry reports rank IQM as Europe’s second-most funded quantum hardware company, excluding major tech firms – a position that enables it to compete effectively in the growing quantum computing field.
IQM offers two main quantum computer models: Radiance (a 54-qubit quantum computer sold to large supercomputing centers for up to €30 million) and Radiance Star (a 24-qubit system featuring IQM’s proprietary star topology). The company is also developing a 150-qubit version for internal use, which is set to launch this year.
In Europe, IQM competes with Oxford Quantum Circuits (UK) and Pasqal (France), each having raised over $100 million. These companies also build full-stack quantum computing systems with different architectural approaches. Globally, some U.S. competitors have secured larger funding—notably PsiQuantum, which develops photon-based quantum computers and has raised approximately $1.6 billion.
IQM’s major milestones: from 50-qubit launch to 100-day reliability
IQM has reached several key milestones that strengthen its market position. With Finland’s VTT Technical Research Centre, IQM recently launched Europe’s first 50-qubit superconducting quantum computer. This system, available through VTT’s quantum computing service, represents the culmination of a four-year collaboration.
The 50-qubit milestone is crucial as it crosses the threshold where quantum computers can perform calculations beyond classical computers’ capabilities. The system features advanced chip technology that reduces computer noise while increasing usable qubits.
In September 2024, IQM secured a €5 million contract to deliver the Czech Republic’s first quantum computer to the IT4Innovations National Supercomputing Centre in Ostrava. The system will integrate with the Karolina supercomputer as part of the EuroHPC Joint Undertaking’s initiative.
Another remarkable achievement came in March 2025 when IQM announced that one of its quantum computers had operated for over 100 days without human intervention at a customer site, demonstrating exceptional system reliability.
IQM’s global race for quantum supremacy
IQM’s fundraising efforts come amid rapid changes in quantum computing as companies scale up following technological breakthroughs. The sector sees increased activity from startups and tech giants, with various quantum companies seeking funding.
Canadian quantum computing firm Xanadu aims to raise between $100 million and $200 million, with CEO Christian Weedbrook planning a subsequent round to fund operations through 2029. Major tech companies have also made significant advances: Google launched its 105-qubit “Willow” chip in December 2024, while Microsoft announced a quantum breakthrough in February 2025. These developments have intensified competition for scarce quantum computing talent.
The industry approaches “quantum advantage” when quantum computers outperform classical systems in solving valuable commercial problems. IQM’s leadership expects this milestone to drive substantial industry growth. While quantum computers serve mainly research purposes, their potential applications in finance, cybersecurity, drug development, and climate science continue to attract significant investment.
Europe’s quantum computing landscape has expanded considerably, with venture capitalists investing about €600 million in European quantum startups in 2024 alone. This funding covers hardware, cryptography, cloud services, infrastructure, and software development.
IQM’s planned €200 million raise reflects strong confidence in its quantum computing approach and the technology’s broader potential. As a leading European quantum hardware developer, IQM has demonstrated its capabilities through deployed systems and commercial agreements.
The post Finnish startup IQM to raise over €200M – will it be one of the biggest rounds in European quantum computing history? appeared first on Tech Funding News.