One of the most intriguing discussions in tech right now? Easy, quantum computing. More intriguing than the discussion itself? Work with a team of four quantum physics PhDs and superconducting quantum processor experts. A team that’s developing hardware systems to enable the world’s first scalable quantum computing solution. That being said, we’re absolutely thrilled to announce our newest Maki House member IQM alongside their funding round of €11.45 million.
IQM is a spinout from Aalto University and VTT Technical Research Centre of Finland (VTT) that is building next-generation hardware for quantum computers. Both Aalto and VTT are world-renowned for their research in superconducting circuits, and more recently, quantum technology, creating a perfect launchpad for IQM.
“In Finland, we have had great computing research for a long time, and now this work is starting to materialize. Quantum computing is coming — the timeline and exact technological solutions are not yet clear. However, the implications of quantum computing are fundamental for many industries and as a VC, now is the time to join the race,” says Ilkka Kivimäki, Partner at Maki.vc.
Although in its infancy, according to a recent analysis, the industry could soar up to US$50B in ten years. For example the drug industry, materials science and finance are expected to be revolutionized by quantum computing that solves demanding problems within a matter of hours instead of years.
“If a quantum computer becomes true, it will change the world because it will deliver answers to many unanswered questions, but also because it will have many practical applications that benefit society. Some examples are the development of new medicines, better solar cells, and optimized traffic control,” says Jan Goetz, CEO and Co-founder of IQM.
To accelerate the use of quantum computing, computational speeds and improvement of error correction must dramatically increase. Hardware systems should be well-tuned to keep the delicate qubits stable, and must be robust, practical and cost-effective. This is exactly what IQM aims to master as they develop special quantum processors, which offer a better functionality for a universal superconducting quantum computer.
Maki’s faith for the team is extremely strong. Although the worldwide field of quantum experts is small, IQM has managed to assemble a remarkable team. They have already accomplished breakthroughs in thermal management and other areas that influence computational speed and information accuracy. For instance, the team has developed a device called a quantum-circuit refrigerator (QCR). With a unique on/off capability, it can be deployed at specific times during the quantum computing cycles to quickly initialize the memory. By enabling unprecedented temperature control, it addresses a key quantum computing bottleneck: a slow and imperfect reset of the quantum memory.
Now, they’ve just picked up speed as they announced their €11.45 million seed round backed by Maki.vc, MIG Funds, OpenOcean, Tesi and Vito Ventures. The team at IQM is proud to be contributing to the exciting journey of building a quantum computer by providing their cutting edge technology and by driving the development of new quantum processors. Goetz well summarizes the ambition level we love:
“Building a quantum computer is a moonshot project, but once you hit the moon, it’s a historical event because the quantum computer will revolutionize the world we’re living in.”
Making history? lets@maki.vc
