IQM, a quantum computing startup based in Espoo, Finland, has raised US$320 million in funding led by US investor Ten Eleven Ventures.

The round also included Finnish venture capital firm Tesi, and brings IQM’s valuation to US$1 billion, according to co-CEO Jan Goetz.

The firm plans to use the new funding to develop a software platform for quantum computing and expand its sales operations in the US and Asia.

Founded in 2018, IQM develops quantum computers, which use quantum bits to process more complex data than traditional computers.

The company has sold 15 quantum computers to date, offering both its flagship Radiance system and a cheaper Spark model for universities.

IQM has sold two systems in Asia and recently made its first sale in the US.

🔗 Source: CNBC

🧠 Food for thought

1️⃣ Europe’s quantum funding gap persists despite technical breakthroughs

IQM’s $320 million funding round highlights both European quantum computing’s potential and its persistent structural challenges.

While Europe captures only 5% of global private quantum funding compared to 50% for the United States, IQM has achieved significant technical milestones, selling 15 quantum computers and capturing a 15% share in global system shipments 23.

The company’s 350 employees and established manufacturing facility in Finland demonstrate that European startups can build substantial operations 1.

However, the broader funding disparity remains stark. Despite the EU investing over €11 billion in quantum technologies since 2018, European startups continue to face what the European Commission’s tech chief described as scaling difficulties due to insufficient private capital 42.

This creates a paradox where European quantum companies like IQM, Pasqal, and Quantinuum can develop competitive technology but struggle to access the growth capital that U.S. competitors enjoy.

2️⃣ Quantum investment surge signals shift toward commercial applications

The quantum computing sector experienced a dramatic funding acceleration in early 2025, with over $1.25 billion invested in Q1 alone, more than doubling the previous year’s figure for the same period 5.