The money  will be used to expand international business and accelerate product development.

The funding round follows a €39m Series A1 announcement in 2020 and includes part of a €35m  venture loan from the European Investment Bank (EIB) announced earlier this year.

The round included participation from Bayern Kapital, EIC Fund, OurCrowd, QCI SPV, Tofino and Varma, as well as existing investors, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo Venture Capital GmbH, Tencent, Tesi, and Vsquared.

Four year-old IQM claims to be the only European company that is already delivering full-stack quantum systems

The company’s co-design strategy allows industrial customers to work with IQM to achieve quantum advantage based on application-specific processors.

With this new investment, IQM is putting resources into co-designing quantum computer processors to provide solutions to tackle the climate crisis and promote sustainable development.