Quantum gains steam as $320M raise puts Finnish startup IQM in unicorn status

IQM, a Finnish startup building toward quantum computing, raised $320M. The company locked in a $1B unicorn valuation, bringing back the quantum narrative to the forefront. 

IQM just locked in the biggest Series B round in the entire quantum sector as the company raised $320M for a total valuation over $1B, becoming an unexpected unicorn. 

IQM redirected the spotlight to the quantum narrative, as investors see a path toward solving real-world problems. The funding round led by Ten Eleven Ventures surpassed previous target as the competition to find the leading quantum company accelerated.

The Finnish company aims to use the financing to expand into the US market, while scaling its data centers and chip assembly lines globally. 

IQM also plans to invest in chip-making in Finland and fund research for fault-tolerant quantum computing. The firm is considered a part of the EU quantum computing scene, though it has also targeted the US market as a source of more active business development. Additionally, a part of the IQM research is happening in partnership with the US-based Oak Ridge National Laboratory.

IQM also researches semiconductor technologies and offers cloud services for computational experiments.

The company, a university spinoff, has released Spark, a 5-qubit quantum computer for university research, and offers advanced computation of up to 150 qubits, with added connectivity and infrastructure for experiments. IQM has shown readiness to release real results and computation, while continuing its main lines of research.

Finland has emerged as one of the hubs for quantum computing startups, though other firms like Quanscient have achieved smaller seed rounds. IQM has worked with the VTT Technical Research Center of Finland, becoming a part of the country’s strategy for real-world applications of quantum computing.

Quantum companies race to gain financing

As Cryptopolitan reported recently, companies are racing to achieve usable quantum computation. IQM has been around since 2018, but only now joined other quantum startups in fundraises, as investors see the technology shift closer to real-world achievements.

Quantum computers are still experimental, but are potentially capable of solving tasks beyond traditional computation, especially linked to cybersecurity and encryption. 

This quantum feature once again raised fears of solving crypto wallets and taking over even the most complex encryption, including Bitcoin. Quantum computers can solve problems that would pose an infinitely difficult task for regular computers.

Financing for quantum computing projects accelerated in early 2025, following Google’s experimental breakthrough. Over $1.25B were raised in Q1, marking a shift from research to commercial readiness. 

Previously, UK-based Quantinuum raised over $594M in an early round. French company Alice&Bob raised $100M earlier in 2025. 

Ten Eleven Ventures also supported crypto projects

Ten Eleven Ventures has also invested in a couple of crypto projects, long before its foray into quantum computing. The fund raised a total of $48M, investing in Valid Network and Hypernative. 

The latest investment was for $40M in a Series B round, boosting Hypernative’s Web3 security business. Following the relatively obscure crypto projects, the large-scale IQM deal boosted the fund’s influence. 

In the past months, the fund also focused on Israeli projects, backing cybersecurity startups. The fund has also invested in AI research, including additional security and AI detection.

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