IQM Raises Record $320M In Series B Round

A global leader in superconducting quantum technology, IQM builds on-premises full-stack quantum computers and also offers cloud access to its systems.

In my conversation with Dr. Jan Goetz, co-founder and co-CEO, he explained that IQM’s approach is chip-based and built on semiconductor wafers, making it the most mature and scalable path for quantum similar to how Moore’s Law enabled decades of progress in classical computing.

With 13+ systems already sold and growing enterprise cloud traction, IQM is scaling quantum with both commercial adoption and a clear hardware edge.

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“Our key differentiator is error correction. We’ve developed a path that’s about ten times more hardware-efficient than surface codes used by others like Google.

We’ve also invested heavily in product maturity. Our systems are standalone, self-calibrated machines designed to fit seamlessly into supercomputing centres with a standard 19-inch rack footprint. That makes them very competitive globally.”

IQM has delivered over 13 quantum systems, with most on-premises deployments integrated into supercomputers at scientific centres to support physics simulations and optimisation. Beyond hardware, its Resonance cloud platform gives users access to processors like Crystal 20 and Star 24 via SDKs such as Qiskit and Cirq. Enterprise adoption is also accelerating, driven largely by the cloud.

“Our Munich quantum data centre hosts six machines, and we see strong demand from pharma, logistics, finance, and security. Companies are building teams, developing IP, and testing use cases to become ‘quantum ready.’

That way, when machines become more powerful, they’re prepared to use them effectively.”

Customers often purchase services and support packages worth 10–20% of system costs, which include maintenance, training, and HPC integration. IQM has successfully bridged the gap from research to commercialization a shift that Goetz credits largely to the company’s mindset.

"From day one, even when almost everyone at IQM was a physicist, we said: we’re going to sell what we build. People thought we were crazy trying to sell a five-qubit machine but we did it anyway.

Those early sales taught us how to define products, set pricing, manage delivery, and incorporate customer feedback into our roadmap."

IQM’s commercialization mindset, coupled with European initiatives like EuroHPC that embed quantum into supercomputing procurement, has created a strong competitive advantage.

“Today, Europe has more quantum computers deployed in supercomputing centres than the US, showing that we can be globally competitive with our own model.”

IQM’s $320M Series B was led by Ten Eleven Ventures, its first US investor, alongside a renewed commitment from Finnish VC and private equity firm Tesi. Goetz notes the US investment reflects IQM’s momentum beyond Europe, with recent sales in Korea, Taiwan, and now the US.

New and existing backers joined the round, including Elo and Varma Mutual Pension Insurance, Schwarz Group, Winbond Electronics, and sovereign wealth funds EIC and Bayern Kapital. The funding will help IQM grow its global commercial presence, scale data centre infrastructure, and expand assembly lines.

In Finland, further investments in chip fabrication will accelerate R&D toward fault-tolerant quantum computing. These advanced capabilities are designed to support scaling to one million qubits, alongside quantum error reduction and correction efforts.

About IQM

Founded in 2018, IQM is a global leader in quantum computing. It delivers on-premises systems for supercomputing centres, enterprises, and research labs, plus its cloud platform, Resonance. With 300+ employees across Europe, the US, and Asia, IQM powers major projects in Finland, Germany, and Spain.