Former Nokia CEO Pekka Lundmark (right) is joining Finnish quantum computing startup QMill as an investor and board member.

Lundmark left his role as Nokia’s chief executive earlier this year after taking over in 2020.

QMill, based in Espoo, Finland, develops quantum algorithms and began operations in 2024. The company has raised seed funding from investors including Antler, Maki VC, and Kvanted.

Antti Vasara, former head of VTT Technical Research Centre of Finland and a previous Nokia executive, will become QMill’s board chair.

Quantum computing is attracting interest from both startups and major technology firms such as Microsoft and Nvidia.

🔗 Source: Reuters

🧠 Food for thought

1️⃣ Telecom turnaround expertise transfers to quantum computing frontier

Lundmark’s move from Nokia to QMill illustrates how proven restructuring experience translates across technology sectors.

During his tenure as Nokia CEO from 2020 to early 2025, he successfully transformed the struggling telecom giant through major organizational changes, reducing the executive team from 17 to 11 members and securing 133 commercial 5G deals by late 2020 2.

His restructuring approach focused on creating four distinct business units with clear accountability, moving away from Nokia’s previous end-to-end strategy that had contributed to the company’s competitive challenges 3.

This transformation experience becomes valuable for quantum startups like QMill, which raised €4 million in seed funding and needs to navigate the transition from research to commercial applications 4.

The quantum computing industry, now valued at $1.8 billion, faces similar scaling challenges that established tech companies have encountered, such as moving from promising technology to viable business models 5.

2️⃣ Industry veterans bridge the gap between quantum potential and market reality

The appointment reflects a broader pattern where quantum startups recruit experienced corporate leaders to accelerate commercialization.

QMill’s algorithms have demonstrated the ability to solve certain problems faster than traditional supercomputers, but the company still needs to develop partnerships with industrial players to apply these capabilities in real-world scenarios 4.