IQM Quantum Computers Raises over $300 Million in Series B Funding

IQM, the Finnish Quantum Computing Company led by Dr. Jan Goetz, Dr. Mikko Välimäki, Dr. Juha Vartiainen, Sylwia Barthel de Weydenthal, Jan Kuerschner, and others, has secured $320 Million in Series B funding 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 with participation from 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 is the largest Series B raise ever in the quantum space, both in Europe and outside of the US, bringing the company's total raise to $600 Million. Goldman Sachs International acted as the sole placement agent for IQM on its Series B raise. Alex Doll from Ten Eleven Ventures will join the company's board.

IQM’s Series B funding will drive global expansion, scaling data center infrastructure and assembly lines while strengthening its U.S. presence and global market reach. The investment also boosts R&D and chip fabrication in Finland, advancing toward fault-tolerant quantum computing and the long-term goal of scaling to one million qubits with quantum error correction.

IQM Co-Founder and Co-CEO Dr. Jan Goetz said the new funding will accelerate the roadmap from thousands to millions of qubits with error correction, while driving U.S. and global expansion through on-premises and upgraded cloud offerings. He highlighted Ten Eleven’s role as IQM’s first U.S. investor, calling the partnership a key catalyst for scaling technology and delivering value to partners and customers.

Alex Doll, Co-founder and Managing General Partner of Ten Eleven Ventures, said the firm’s investment in IQM reflects its belief in quantum’s role in the future of secure computing. Highlighting the overlap between cybersecurity and quantum, Doll noted Ten Eleven will provide counsel, capital, and connections, while also joining IQM’s board of directors.

Juha Lehtola, Director of Venture and Growth Investments at Tesi, said IQM has made significant progress in technology, production, and customer deliveries, setting it apart from competitors. He noted that Tesi, an early backer, has now increased its investment to support IQM’s next stage of growth.