IQM Quantum Computers Raises over $300 Million in Series B Funding Round Led by U.S. Investor Ten Eleven Ventures With Strong Support From Tesi

This is the largest Series B raise ever in the quantum space, both in Europe and outside of the US1 The funding will accelerate IQM's growth trajectory in the U.S. and other global markets as quantum computing advances into wider production. It will also advance IQM’s development roadmap towards error correction.

IQM Quantum Computers, a global leader in full-stack superconducting quantum computers, today announced that it has raised $320 Million (€275 Million) in venture capital, bringing the total funding raised to date to $600 Million.

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This Series B funding round was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM's first U.S. investor, with an increased commitment level from existing Finnish venture capital and private equity company Tesi. Participation also came from several new and existing investors, including pension funds Elo Mutual Pension Insurance and Varma Mutual Pension Insurance, strategic investors companies of Schwarz Group and Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital.

“This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits. We also focus on strong business expansion in the U.S. and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering,” said Dr. Jan Goetz, Co-Founder and Co-CEO of IQM Quantum Computers. “The addition of Ten Eleven as our first U.S.-based investor is a catalytic event for IQM and finding the right venture partner in the U.S.—one that could help us scale our technology and deliver value to our partners and customers—was essential. Ten Eleven's proven track record in guiding companies to category leadership and their alignment with our vision made this partnership an ideal match.”

With this Series B funding round, IQM will expand its commercial presence and scale its data center infrastructure and assembly lines globally. While maintaining its European leadership, this additional capital enables IQM to enhance its presence in the U.S. market and further access key global markets to serve the growing demand in IQM's products. With further investments into IQM's chip fabrication in Finland, the funding will also support research and development aimed at achieving fault-tolerant quantum computing in the near term. The advanced fab capabilities will facilitate the goal of scaling up to one million qubits, paired with quantum error reduction and correction.

"Having spent decades helping scale portfolio companies, we understand how to work with forward-thinking, global teams that are pushing the boundaries of innovation. Cybersecurity and quantum share an evolving relationship characterized by common stakeholder communities. This overlap will enable us to provide high-value counsel, capital, and connections to the IQM team,” said Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures. “Ten Eleven's investment reflects our belief that partnering with companies at the forefront of the quantum era will be essential for the future of secure computing.” As part of the fundraise, Alex Doll joins IQM´s board of directors.

“Tesi has been an investor in IQM since the very beginning, and we have had the privilege of witnessing its journey to becoming a global leader. Over the years, IQM has made great strides on its technology roadmap, production capabilities and customer deliveries which truly sets it apart from competition. We are happy that Tesi’s revised investment strategy allowed us to significantly increase our investment to support IQM’s next stage of growth journey”, said Juha Lehtola, Director of Venture and Growth Investments at Tesi.

Goldman Sachs International acted as sole placement agent for IQM on its Series B raise.

About IQM Quantum Computers:

IQM is a global leader in superconducting quantum computers. IQM provides both on-premises full-stack quantum computers and a cloud platform to access its computers. IQM customers include the leading high-performance computing centers, research labs, universities, and enterprises that have full access to IQM's software and hardware. IQM has over 300 employees with headquarters in Finland and a global presence in France, Germany, Italy, Japan, Poland, Spain, Singapore, South Korea, and the United States.

About Ten Eleven Ventures:

Ten Eleven Ventures is the original cybersecurity-focused, global, and stage-agnostic investment firm. The firm identifies, invests in, and helps grow top cybersecurity companies addressing critical digital security needs, leveraging its team, network, and experience to build successful businesses. Since its founding, Ten Eleven Ventures has raised over U.S. $1 billion and made over 60 cybersecurity investments across various stages worldwide, including KnowBe4, Darktrace, Axis Security, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit 1011vc.com.

About Tesi:

Tesi (officially Finnish Industry Investment Ltd) is a state-owned, market-driven investment company that invests in venture capital and private equity funds and directly in Finnish startups and growth companies, and to new industrial scale businesses

¹according to CrunchBase data

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