1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator, part of the European Innovation Council (EIC), is a funding initiative designed to support innovative small and medium-sized enterprises (SMEs) and startups in Europe. The program aims to foster the development and scaling of high-impact innovations in various sectors, particularly focusing on deep-tech solutions that can drive significant economic and societal advancements. The EIC Accelerator provides both grants and equity funding to eligible companies, empowering them to enhance their market readiness and growth potential.

Funding Structure

The EIC Accelerator funding comprises two primary components: grants and equity investment.

Purpose and Impact

The EIC Accelerator plays a pivotal role in nurturing the European deep-tech and startup ecosystem. By providing both grant and equity funding, the program helps bridge the financing gap that many innovative companies face, especially in their early stages. This support enables startups to undertake high-risk projects that have the potential for high reward but may struggle to attract traditional venture capital due to their risk profile.

Furthermore, the EIC Accelerator promotes collaboration between startups and private sector investors, enhancing the overall investment landscape in Europe. By leveraging public funding, the program encourages private investors to engage with funded companies, thus amplifying the impact of the initial investment.

Case Study: IQM Finland Oy and Project BIGQEC

Company Overview: IQM Finland Oy is a pioneering company in the quantum computing sector, focusing on the development of industrial-grade quantum computers. The company has made significant strides in quantum technology, aiming to address challenges associated with quantum computing, particularly in error correction and mitigation.

Project BIGQEC: The EIC Accelerator project, titled BIGQEC, aims to build quantum computers that can operate reliably in real-world environments. The focus of the project is on integrating advanced error correction capabilities, which are essential for the practical deployment of quantum computers. These capabilities are critical as they enhance the fidelity of quantum operations, thereby making quantum systems more robust and applicable to various industries.

Technology Background: Quantum computing represents a paradigm shift in computational capabilities, leveraging the principles of quantum mechanics to perform calculations at unprecedented speeds. Traditional computers process information using bits, which represent either a 0 or a 1. In contrast, quantum computers utilize quantum bits, or qubits, which can exist in multiple states simultaneously due to superposition. This allows quantum computers to handle complex problems that are currently intractable for classical computers.

Error correction in quantum computing is particularly challenging due to the fragile nature of qubits, which are susceptible to decoherence and noise. The BIGQEC project addresses these challenges by developing innovative algorithms and hardware solutions that improve the reliability of quantum computations. By successfully implementing error correction and mitigation techniques, IQM aims to create quantum computers that can be deployed across various sectors, including pharmaceuticals, finance, and logistics.

Conclusion

The EIC Accelerator program represents a significant advancement in supporting the European startup ecosystem, particularly in the realm of deep technology. By providing substantial funding options, both in the form of grants and equity, the program enables companies like IQM Finland Oy to explore groundbreaking innovations such as those in the BIGQEC project. As the demand for advanced computational solutions continues to grow, the contributions of the EIC Accelerator will be instrumental in shaping the future of technology and its applications across various industries.

2 The Funding Rounds

IQM FINLAND OY: Funding and Financial Events Since EIC Accelerator Win (Nov 8, 2023)

Funding Raised and Funding Rounds

• As of early 2025, IQM Finland Oy is recognized as one of the best-funded quantum hardware companies in Europe outside of Big Tech. Since its founding in 2018, the company has consistently secured substantial financing to advance its superconducting quantum computing technologies.
• The last publicly confirmed funding round for IQM occurred in July 2022, raising €128 million. This Series A2 round was led by World Fund with participation from Tencent Holdings Ltd., Tesi (Finnish state investment firm), MIG Capital, and other investors. This round brought their total historical funding to approximately $210 million by early 2024.
• Following their participation in the November 8th, 2023 EIC Accelerator cut-off—where they won equity-only support for their "BIGQEC" project—IQM entered new fundraising talks. By April 2025, reports indicated that IQM was seeking more than €200 million ($216 million) in fresh capital; however, as of May 2025 there is no confirmation that this new round has closed or what its final amount might be.

Timing and Amounts of Key Funding Rounds

Date	Amount Raised	Round/Event	Key Investors
July 2019	€11.4m	Seed	Various VCs
June 2020	Up to €17.5m	EIC Accelerator grant & equity	European Innovation Council
Aug/Sept '22	€128m	Series A2	World Fund (lead), Tencent
Ongoing Apr ‘25+	Target >€200m	Unannounced/Ongoing	TBD

The June 2020 EIC Accelerator package consisted of a €2.5m grant plus up to €15m equity commitment.
Total historic fundraising before latest ongoing discussions exceeded $210 million (~€195 million).

Investor Information

Key investors across previous rounds include: - World Fund

• Tencent Holdings Ltd.
• Tesi (Finnish state-owned investor)
• MIG Capital

Other participants have included various European venture funds supportive of deep tech innovation.

Company Valuation

Dealroom.co estimated IQM's enterprise value at approximately $474 million as recently as late April/May 2025. Note that private company valuations are subject to change with each major funding event.

Exit Events

As of May 6th, 2025:

• There have been no IPO filings or public listings reported for IQM Finland Oy.
• No buyout or acquisition activity has been disclosed.

Additional Notes on Recent Developments Since winning the November cut-off for the EIC Accelerator’s equity-only program targeting industrial-grade quantum computers with error correction (“BIGQEC”), IQM continues technological scaling efforts supported by both EU and Finnish government grants alongside private investment inflows. CEO Jan Goetz describes fundraising as an ongoing activity amid sector breakthroughs spurring increased investor interest—but any new mega-round post-November remains pending announcement at this time.

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Sources:

• EIC Accelerator invests €285M in deeptech startups - AIN.Capital
• EIC Accelerator – Nov 8 Cut-Off Results PDF
• IQM is proud to be selected for up to €17.5 M funding from the EIC - meetiqm.com
• Finnish quantum computing startup IQM in fundraising talks for over $216 mln - Investing.com
• Quantum startup IQM in talks to raise more than €128 m - Sifted.eu
• IQM company information & valuation data – Dealroom.co

3 The Press Releases

IQM Quantum Computers, based in Finland, has been actively involved in several significant developments since receiving the EIC Accelerator funding in November 2023. Here are the key updates on partnerships, technology advancements, team updates, and press releases.

Partnerships and Technology Advancements

• VTT Partnership: IQM and VTT Technical Research Centre of Finland have launched Europe's first 50-qubit superconducting quantum computer. This project, initiated in 2020 with a budget of EUR 20.7 million from the Finnish government, aims to strengthen Finland's quantum computing capabilities. The quantum computer is available for research and business use through VTT QX quantum computing service.
• IQM Radiance: IQMassistant

IQM Quantum Computers, based in Finland, has been actively involved in several significant developments since receiving the EIC Accelerator funding in November 2023. Here are the key updates on partnerships, technology advancements, team updates, and press releases.

Partnerships and Technology Advancements

• VTT Partnership: IQM and VTT Technical Research Centre of Finland have launched Europe's first 50-qubit superconducting quantum computer. This project, initiated in 2020 with a budget of EUR 20.7 million from the Finnish government, aims to strengthen Finland's quantum computing capabilities. The quantum computer is available for research and business use through VTT QX quantum computing service.
• IQM Radiance: IQM has unveiled "IQM Radiance," a quantum computing platform designed to achieve quantum advantage. This platform includes variants with 54 and 150 qubits, targeting availability in Q3/2024 and Q1/2025, respectively. IQM Radiance is intended for high-performance computing and data centers, offering opportunities for businesses to develop applications in machine learning, cybersecurity, and more.
• Manufacturing Milestone: IQM reached a milestone by producing 30 full-stack quantum computers in its Finnish facility. This achievement highlights IQM's capability to industrialize quantum computer production, aiming to make these systems more accessible and affordable.

Team Updates

While there are no specific team updates mentioned in recent press releases, IQM has a strong global presence with offices in several countries and a team of over 280 employees.

Press Releases

IQM regularly publishes press releases and updates on its website, meetiqm.com, covering various topics such as new product launches, partnerships, and research achievements. One notable press release involves the APS Global Physics Summit 2025, where IQM will present 11 scientific papers focusing on quantum computing challenges.

Development Roadmap

IQM has outlined a development roadmap aimed at achieving fault-tolerant quantum computing by 2030. This roadmap emphasizes novel algorithmic approaches, modular software integration, and scalable hardware advancements.

Social Media and Press Releases

IQM shares its updates and press releases on social media platforms, though detailed strategies for social media press releases are not explicitly outlined. Generally, press releases on IQM's website follow a structured format, including key details and quotes from executives.

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Sources: - IQM Quantum Computers

• VTT and IQM launch first 50-qubit quantum computer developed in Europe
• Newsroom - IQM Quantum Computers
• IQM Quantum Computers reaches production milestone of 30 quantum computers
• IQM launches IQM Radiance – a 150-qubit system paving the way to quantum advantage
• APS Global Physics Summit 2025: IQM presents 11 scientific papers addressing challenges in quantum computing
• Social Media Press Release Guide
• IQM Quantum Computers unveils development roadmap focused on fault-tolerant quantum computing by 2030

4 The Technology Advancements

IQM Finland Oy: Advancements and Developments

IQM Finland Oy, a leading quantum computing company based in Finland, has made significant advancements in recent years. However, there is no specific information available on advancements made directly following the EIC Accelerator funding in November 2023. Below are some of the company's notable developments and achievements:

Current Capabilities

• Quantum Computer Development: IQM has been at the forefront of developing superconducting quantum computers. In 2025, they launched Europe's first 50-qubit quantum computer in partnership with VTT Technical Research Centre of Finland. This system is available through the VTT QX quantum computing service for researchers and businesses.
• Technology Roadmap: IQM aims to advance towards fault-tolerant systems with up to 1 million qubits. They have also released an HPC integration guidebook to assist HPC centers in implementing quantum computing integration.
• Manufacturing and Deployment: By September 2024, IQM had manufactured 30 full-stack quantum computers at its Espoo facility. They have deployed systems in several locations, including the Chungbuk National University in South Korea and the Taiwan Semiconductor Research Institute.

Advancements and New Features

• Reliability and Automation: In 2025, IQM demonstrated a significant milestone by operating one of its quantum computers for over 100 days without human intervention at a customer site, showcasing improved system reliability.
• Chip Technology: The latest developments include enhanced chip technology that reduces noise and increases the number of functional qubits, as seen in the 50-qubit quantum computer launched in 2025.

Market Demonstration

• Customer Deployments: IQM's systems are being used by various customers and research institutions. The 50-qubit quantum computer is available for use by companies and researchers through the VTT QX service.
• Partnerships: IQM has partnered with several organizations to deploy its quantum computers, including VTT and IT4Innovations National Supercomputing Centre in the Czech Republic.

Intellectual Property and Publications

There is no specific information available regarding new patents filed or scientific studies published by IQM Finland Oy directly following the November 2023 EIC Accelerator funding.

Sources

• IQM Quantum Computers
• Roadmap - IQM Quantum Computers
• We build quantum computers.
• IQM launches Europe's first 50-qubit quantum computer at VTT Finland
• Finland launches Europe's first 50-qubit quantum computer
• VTT and IQM launch first 50-qubit quantum computer developed in Europe
• VTT And IQM Launch First 50-Qubit Quantum Computer Developed In Europe
• Finnish startup IQM to raise over €200M – will it be one of the biggest rounds in European quantum computing history?
• IQM Gets Massive New Tranche Of Funding

5 The Partnerships and Customers

IQM Finland Oy: Partnerships, Customers, and Recent Developments

IQM Finland Oy, a leading quantum computing company based in Finland, has established significant partnerships and customer relationships since its inception. Here's an overview of the company's recent associations and how these relationships are impacting its market position and technological advancements.

Partnerships

• Bechtle IT System House: IQM has signed a reseller agreement with Bechtle, enabling the company to sell IQM's 5-qubit superconducting quantum computer, IQM Spark, across Europe. This partnership strengthens IQM's sales network in the European market.
• VTT Technical Research Centre of Finland: IQM has collaborated with VTT to launch Europe's first 50-qubit superconducting quantum computer. This project demonstrates Finland's leadership in quantum technology and provides a baseline for IQM's future quantum computer models.
• Atos and CSC: IQM has partnered with Atos and CSC to accelerate the commercialization of European quantum technologies. This collaboration aims to integrate quantum computing into high-performance computing (HPC) centers.
• Riverlane and Zurich Instruments: IQM, along with Riverlane and Zurich Instruments, launched the world's first quantum error correction platform, marking a significant step in quantum computing reliability.

Customers

IQM has sold quantum computers to several clients across Europe and Asia. Notable deployments include the VTT Technical Research Centre of Finland and the Leibniz Supercomputing Centre in Germany. The company is beginning to expand into the U.S. market as well.

New Partners and Customers

As of the latest information, Bechtle is one of IQM's new partners, serving as a reseller for IQM Spark. There are no specific mentions of new customers beyond the expansion into the U.S. market and deployments at institutions like the Chungbuk National University in South Korea and the Taiwan Semiconductor Research Institute.

Nature and Purpose of Relationships

These partnerships and customer relationships are crucial for IQM's growth and technological advancement. They facilitate the integration of quantum computing into various sectors such as research, aviation, space, and cybersecurity. The partnerships also help in developing new applications and algorithms for material modeling, optimization problems, and artificial intelligence.

Market Positioning

IQM Finland Oy's partnerships and customer relationships position the company as a leader in European quantum computing. By collaborating with prominent institutions and companies, IQM enhances its credibility and expands its market reach. These relationships also contribute to the development of a robust quantum ecosystem in Europe, benefiting from the expertise and resources of its partners.

Technology Advancements and Scaling

The collaborations with VTT and other partners enable IQM to push the boundaries of quantum computing technology. For instance, the development of a 50-qubit quantum computer at VTT serves as a baseline for IQM's future models like the Radiance quantum computer. These advancements help IQM scale its operations and deliver more powerful quantum computing solutions to its customers, driving scientific breakthroughs and economic growth.

IQM's strategy of running quantum data centers and offering cloud access to its quantum computers allows it to generate revenue through compute time sales and maintenance services. This approach ensures that IQM's technology remains utilized and integrated into real-world applications, rather than being mere hardware sales.

Conclusion

IQM Finland Oy's partnerships and customer relationships are pivotal in establishing the company as a key player in the global quantum computing sector. These collaborations not only enhance IQM's market presence but also drive technological innovations and scalability, positioning the company for future growth and success.

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Sources: - Customers & Partnerships - IQM Quantum Computers

• Newsroom - IQM Quantum Computers
• IQM Quantum wants to be the European answer to Google and IBM
• Partnerships - IQM Quantum Computers
• Quantum technology company IQM Finland exports Finnish deep tech expertise with the help of Business Finland
• Bechtle signs reseller agreement with IQM Quantum Computers
• IQM launches Europe's first 50-qubit quantum computer at VTT ...

6 The Hiring and Company Growth

IQM Finland Oy: Scaling Quantum Computing with Strategic Growth

Current Headcount and Team Size

IQM Finland Oy currently employs approximately 286 to 300 people across various locations, including offices in Finland, Germany, Spain, France, the United States, Singapore, and Poland.

Hiring and Team Growth

IQM continues to grow, with ongoing efforts to expand its team. The company is actively engaged in the quantum talent pipeline, collaborating with universities and offering training through its online academy to address the industry's talent shortage. While there is no specific information on whether IQM is currently hiring, the emphasis on talent acquisition and development suggests a continuous growth strategy.

Recent Key Positions and Team Development

While specific recent key positions are not detailed, IQM's focus on technical leadership and innovation is evident. The company has key roles such as Chief Technology Officer, Dr. Kuan Yen Tan, who has contributed significantly to quantum computing breakthroughs.

Impact of New Team Members on Company Growth

New team members play a crucial role in IQM's mission to scale up quantum computing capabilities. By bolstering its talent pool, IQM aims to enhance its product offerings, improve existing technology, and accelerate the development of quantum applications. This strategic growth is pivotal for maintaining competitive edge in the rapidly evolving quantum computing market.

Growth and Scaling

Since receiving the EIC Accelerator funding, IQM has demonstrated significant growth. Notably, the company has launched Europe's first 50-qubit superconducting quantum computer at VTT Technical Research Centre of Finland. Additionally, IQM has introduced its 150-qubit system, IQM Radiance, which marks a significant step towards achieving quantum advantage in high-performance computing and data centers.

Management and Founding Team

IQM was co-founded by Jan Goetz, Mikko Möttönen, Kuan Yen Tan, and Juha Vartiainen in 2018. There are no recent reports of major changes in the management or founding team. The company's leadership continues to drive its vision to be a leading European quantum computing company, competing with global tech giants like Google and IBM.

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Sources

• IQM Quantum Computers - Built for Real Impact
• IQM Quantum wants to be the European answer to Google and IBM
• IQM launches IQM Radiance – a 150-qubit system
• IQM launches Europe's first 50-qubit quantum computer at VTT, Finland
• IQM Quantum Computers Employee Directory, Headcount & Staff

7 The Media Features and Publications

IQM Finland Oy: Media Features, Publications, and Event Participation Since securing EIC Accelerator funding (exact 2023 details not specified in sources, though earlier €2.5M EIC funding was noted), IQM Finland has maintained a strong media and industry presence through the following activities:

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Media Coverage and Publications

• Press Releases: Regular updates on milestones like producing 30+ full-stack quantum computers, launching Europe’s first 50-qubit system with VTT, and expanding to Germany.
• Nature Publication: Team members contributed to a peer-reviewed quantum computing breakthrough published in Nature (2020).
• Business Finland Case Study: Highlighted as a Finnish deep-tech leader for delivering on-premises quantum computers and securing €105M+ total funding.

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Conferences and Presentations

• APS Global Physics Summit 2025: Presented 11 scientific papers on scalable calibration, error mitigation, and QPU design. Exhibited at booth #409 with talks by executives like Juha Vartiainen.
• IQT Nordics 2025 (Gothenburg): Participating in sessions on quantum applications alongside Microsoft, Ericsson, and Volvo representatives. Includes lab tours at Chalmers University.
• ISC High Performance 2023: Collaborated with Leibniz Supercomputing Centre (LRZ) to showcase hybrid quantum-HPC integration.

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Event Involvement

• Manufacturing Milestones: Announced production of 30 systems at Espoo facility (Sept. 2024), emphasizing cost-reduction strategies for wider adoption.
• VTT Collaboration Events: Publicized joint efforts via CSC’s Lumi supercomputer integration (2022) and the Micronova-based QX service launch (2025).

Note: No podcast or interview references were found in available sources.

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Sources Used

• Newsroom - IQM Quantum Computers [Press releases] [Blogs] [APS Summit details]
• Quantum technology company IQM Finland exports Finnish deep tech expertise [Funding milestones] [Case study]
• Inside Quantum Technology Nordics 2025 [Conference lineup]
• IQM launches Europe's first 50-qubit quantum computer at VTT [Technical collaboration]

All Source URLs

``` https://www.meetiqm.com/newsroom https://www.businessfinland.com/cases/2022/quantum-technology-c... https://iqtevent.com/nordics/ https://www.datacenterdynamics.com/en/news/iqm-launches-europe... ```