IQM Quantum Computers has received €35 million from the European Investment Bank (EIB) to help speed the development and commercialization of quantum processors produced at Europe’s first quantum-dedicated fabrication facility in Espoo, Finland. The loan is part of the European Guarantee Fund’s venture debt program, which was created to help SMBs affected by the epidemic get liquidity.
In addition, EIB Advisory Services assisted IQM in preparing for the European Investment Bank loan application.
This statement comes after IQM announced the establishment of its first fabrication plant in Finland in November last year. The EIB money will be utilized to expand the facility, accelerate material research, and produce quantum computers in the first round.
“Today’s chips shortage has exposed just how dependent the world is on semiconductor manufacturers in Asia,” said Dr Jan Goetz, IQM’s Chief Executive Officer (CEO). “Quantum processors give us an opportunity to learn from this and become self-reliant first, and a global provider for quantum chips in the future. This EIB loan supports us in building more balanced and resilient quantum development in Europe. We are already working on the most advanced quantum technology in Europe and this loan will also help us create the next-generation European quantum ecosystem.”
Quantum Processor Development
“Quantum computing is still at an early stage. However, it has the potential to revolutionise many sectors, from drug and vaccine development to cybersecurity,” said EIB President Werner Hoyer. “Given the scale of the potential impact, global competition in quantum computing is fierce. Ensuring that companies such as IQM are well-funded is key to positioning Europe as a technological leader worldwide.”
This funding comes on the heels of announcements about IQM’s open-source processor design program KQCircuits, the Q-Exa project for quantum acceleration for HPC centers, and the quantum manufacturing facility’s launch. IQM will gain complete control over quantum processor development and boost its European leadership with this financing.
“As we consider quantum computing as a sector of strategic importance, we are glad to support the Finland-based company IQM,” said EIB Vice-President Thomas Östros. “With our financing, we not only sustain and create jobs within a highly innovative industry, but we also place ourselves squarely behind technological know-how. Europe has a strong tradition of quantum research, and funding IQM ensures that the results of this research will be put into practice in real-world innovations.”
About EIB and IQM
The European Investment Bank (EIB) is the European Union’s long-term lending institution, owned by its member states. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
IQM is a European leader in the development of quantum computers. IQM gives full access to its hardware and delivers on-premises quantum computers for supercomputing data centers and research facilities. Through a unique application-specific, co-design methodology, IQM provides a quantum edge to industrial customers.
With VTT, IQM is constructing Finland’s first commercial 54-qubit quantum computer, while in Germany, an IQM-led collaboration (Q-Exa) is constructing a quantum computer. The computer will be incorporated into a high-performance computing (HPC) supercomputer to serve as a research accelerator in the future. With offices in Paris, Bilbao, Munich, and Espoo, IQM employs approximately 160 people.