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IQM's quantum computing nets €128M to solve the big problems

Alan Neuhauser
Jul 22, 2022
Illustration of a loading screen on a computer with an electron breaking through the side of the screen
Illustration: Sarah Grillo/Axios

The quantum computing company IQM raised €128m (~$131m) for its efforts to outsource some of the world's biggest problems — including climate change — to superconducting quantum computers.

Why it matters: A tall task, indeed, but quantum computing is seen as way to help unlock big emissions cuts, perhaps as much as 7 gigatons of CO2 by 2035.

Driving the news: IQM, based in Finland, closed a Series A2 led by World Fund, a German VC.

  • The round drew new investors Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma.

Of note: PitchBook puts IQM's valuation at about $250m as of November.

What's happening: The energy transition is leading to new challenges, including shortages of key materials such as nickel and lithium. Some of these could be solved with "climate math."

  • Quantum computing, for example, could accelerate efforts to discover, test and integrate new battery chemistries.
  • It could also improve carbon capture technologies or speed up emissions cuts in difficult-to-decarbonize industrial sectors.
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