QMill funding news – Finland-based QMill Secures €4 Million in Seed Funding

Additionally, Business Finland, a Finnish government organization focused on innovation, trade, and investment, awarded the company a grant of €1 million. The founding team of QMill consists of Dr. Toni Annala, an L.E. Dickson Instructor at the University of Chicago and a former member of the Institute for Advanced Study, Princeton; Prof. Mikko Möttönen, a Quantum Technology Professor at Aalto University and VTT; and Dr. Hannu Kauppinen, the former Chief Technology Officer of Nokia Technologies.

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Hannu Kauppinen, CEO and Co-Founder of QMill said, “We are thrilled to have the support of Maki.vc, Antler and Kvanted in our journey to transform quantum computing from a futuristic concept into a present-day solution,” “With this funding, we are well-placed to accelerate our R&D efforts and attract the best minds in the industry to join us in Espoo.”

It was founded by a group of individuals with diverse backgrounds and sectors with the goal of enabling practical and affordable quantum computing for actual industrial applications. By solving the shortcomings of the available quantum computing hardware, QMill is aiming to close a crucial gap in the quickly expanding quantum technology market.

By utilizing near-future hardware and its unique, innovative algorithms, QMill seeks to deliver quantum advantage today, in contrast to quantum enterprises that focus on breakthroughs anticipated to occur a decade from now. The seed money will go toward building extremely resource-efficient quantum algorithms, growing the company's service portfolio, and hiring top-tier talent from around the world. From Espoo, Finland, which it views as a significant expanding quantum hub in terms of talent, infrastructure, and investment, QMill will keep expanding its global offering.

Quantum algorithms developed by it will enable complex optimization problems that are currently unsolvable by conventional computers. The company targets industries like supply chain logistics, energy, real estate, banking, and telecommunications. Its algorithms may also be used as effective subroutines in materials development, an area in which the company is open to collaborations. QMill's emphasis on immediate, practical applications is paving the way for the dawn of a new era in quantum computing.

Pirkka Palomäki, Partner at Maki.vc said, “QMill has identified a great opportunity to leverage the current noisy intermediate-scale quantum (NISQ) era, rather than waiting for the quantum-computing ecosystem to evolve over the next decade,” “Our investment is driven by the exceptional quality of the QMill team, which includes top-tier professionals dedicated to innovating and commercializing near-term algorithms with practical applications across diverse technical and business domains.”

The money also helps it carry out its aggressive hiring strategies. Within the next few years, the company hopes to hire 20 individuals, bringing in talent from all over the world to Espoo, a city renowned for its high concentration of quantum talent and remarkably robust technical ecosystem.

Investing in quantum algorithms now is investing in the very basis of tomorrow's most revolutionary inventions, according to Jussi Kallasvuo of Antler. "You rarely get an opportunity to invest in such a world-class team working in such an intriguing domain," he added. We are ecstatic to support QMill and its creators, Ville, Toni, Mikko, and Hannu.

Maria Wasastjerna, Managing Partner at Kvanted said, “With QMill, we share our mission of accelerating industrial transformation. In addition to the stellar team, what differentiates QMill is its focus on achieving impact within an accelerated timeline,” “By unlocking the potential of quantum advantage, QMill’s solution will be able to create enormous value for industrial companies by addressing their most complex optimization challenges.”

About QMill

Established in 2024, QMill is a Finnish quantum computing startup committed to creating quantum algorithms that offer immediate, useful advantages for commercial use. It seeks to provide substantial value across multiple industries by solving intricate optimization challenges and utilizing near-future quantum hardware.