Finnish quantum computing startup IQM raises $320 million in a massive Series B funding round, marking one of the largest investments in quantum technology outside the United States. The round was led by U.S.-based Ten Eleven Ventures, with support from Finnish state-backed investor Tesi, pension funds Elo and Varma, and strategic players including Schwarz Group and Winbond Electronics.Founded in 2018 and headquartered in Espoo, Finland, IQM Quantum Computers is now Europe’s best-funded quantum startup, with total funding reaching $600 million.
Why This Funding Round Matters
The latest funding makes history as the largest Series B round in quantum computing outside the U.S.. It also signals growing global confidence in Europe’s ability to compete against American tech giants like IBM, Google, and Microsoft, who are all racing toward the million-qubit era.According to CEO Jan Goetz, the U.S. remains the biggest market for quantum computing, and this funding will accelerate IQM’s push into North America while strengthening its leadership in Europe.
IQM’s Quantum Computing Vision
IQM specializes in superconducting quantum computers that can be deployed on-premises for research institutions and enterprises, or accessed via the cloud.
The new funding will support:
- Expanding IQM’s U.S. operations and sales team
- Scaling its data centers and chip manufacturing facilities
- Advancing research on error-corrected quantum systems
Building towards million-qubit quantum computers
IQM’s Growth in Numbers
| Metric | Details |
| Founded | 2018 (Espoo, Finland) |
| Total Funding Raised | $600 million |
| Latest Round | $320 million Series B |
| Investors | Ten Eleven Ventures, Tesi, Elo, Varma, Schwarz Group, Winbond Electronics |
| Quantum Computers Sold | 15 systems to 10 global customers |
| Employees | 350+ worldwide |
Competing on the Global Stage
While U.S. companies dominate in terms of deal values, IQM leads globally in the number of units sold, thanks to its strategy of providing smaller, scalable systems to research labs and universities. Recent sales include deliveries to Oak Ridge National Laboratory in the U.S., as well as to Taiwan and South Korea.
IQM also offers two flagship products:
- Radiance – a high-performance quantum system
Spark – a more affordable quantum computer for universities
What’s Next for IQM?
The fresh investment sets IQM on track to compete more aggressively in the U.S. and Asia. While the company does not plan to shift chip development away from Europe, it may set up local assembly lines or quantum data centers in the U.S. depending on demand.The ultimate goal is to achieve fault-tolerant, error-corrected quantum computers, scaling from thousands to millions of qubits, and making quantum computing accessible for industries like medicine, finance, and material science.
FAQs on IQM’s $320M Series B
1. How much funding did IQM raise in its Series B?
IQM raised $320 million in its Series B round, bringing its total funding to $600 million.
2. Who led IQM’s latest funding round?
The round was led by Ten Eleven Ventures, marking IQM’s first U.S.-based lead investor.
3. What will IQM use the $320M for?
The funds will be used to expand into the U.S., scale manufacturing, enhance cloud services, and develop error-corrected quantum systems.
4. How many quantum computers has IQM sold so far?
IQM has sold 15 systems to 10 customers globally, making it a leader in system shipments.
