Finnish quantum computing startup IQM is aiming to raise more than the €128 million secured in its previous funding round, as technical progress and investor enthusiasm continue to build across the global quantum computing sector, according to media reports.

Founded in 2018, IQM is now the second most well-funded quantum hardware startup in Europe outside of Big Tech, with a total of US$210 million in backing from investors such as Tencent, World Fund, and MIG Capital, according to data cited by Sifted.

In a recent interview, CEO Jan Goetz told Sifted the company is “constantly fundraising” and intends to raise “a multiple” of the €128 million it closed in 2022.

On April 1, Bloomberg reported that IQM is currently in talks to raise more than $200 million. Goetz confirmed discussions are underway but declined to comment on the exact figure.

IQM develops full-stack superconducting quantum computers and the chips that power them, offering access to quantum computing capabilities via the cloud.

The company operates its own private fabrication facility, capable of manufacturing up to 20 quantum computers annually.

IQM’s scaling efforts come amid renewed optimism in the sector.

A series of technical breakthroughs from companies such as Google and IBM have revived hopes that quantum computers – once considered decades away – may soon be able to address real-world challenges.

Featured image credit: edited from freepik