IQM Quantum Computers: Catalysing Europe’s quantum leap through university-driven innovation

As the race for quantum supremacy intensifies, few European companies have made such an incredible mark as IQM Quantum Computers. Founded in 2018 as a spin-off from Aalto University and VTT Technical Research Centre of Finland, IQM represents a textbook case of how academic excellence, public investment and industrial ambition can converge to build a world-leading deep tech venture. Today, IQM is not only Europe’s fastest-growing quantum computing company, it is also an excellent example of how public-private-university collaboration can accelerate deep tech innovation.  

From academic curiosity to commercial capability 

IQM has its origins in Finnish academia. It began as a collaborative research effort at Aalto University, where experts in superconducting quantum systems explored the feasibility of building fault-tolerant quantum processors — a type of quantum computer that can detect and fix errors, ensuring their presence doesn’t bring the processes to a halt.  

IQM’s transition from lab to market wasn’t driven by technology and funding alone. Aalto University played a catalytic role beyond its research contributions: the founding team benefited from the university’s vibrant innovation ecosystem, including access to its startup incubator, the Aalto Startup Center, and early-stage entrepreneurial support structures that provided mentoring, networking opportunities and exposure to potential investors and collaborators. IQM’s co-founders also participated in Startup Sauna and leveraged connections through Espoo’s Otaniemi science and technology hub — known as Finland’s Silicon Valley — to strengthen their business foundations^[1].

In parallel, IQM tapped into Finland’s broader innovation support system. Organisations such as Business Finland and participation in EU-level programmes like Horizon 2020 and the EIC Accelerator further accelerated its trajectory. Through the EIC, IQM received a €2.5 million grant and up to €15 million in equity investment — giving the team the financial runway to develop its core technology and scale its operations. 

Breakthroughs in superconducting qubit — quantum bit — design gave IQM a critical edge, allowing it to leapfrog global competitors in a sector where scaling fast and building with precision are essential for market relevance. 

As a result, IQM emerged as a central player in Europe’s quantum computing ecosystem, differentiating itself by adopting a full-stack approach — designing, manufacturing, and integrating its own quantum processors rather than relying on third-party or modular systems^[2].

A European powerhouse with global reach

While born in Finland, IQM has always had pan-European aspirations. It has since expanded to include operations in Germany, Spain and France, and has recently announced plans to establish a quantum fabrication facility near Paris, backed by the French government’s “Choose France” initiative. This move is both strategic and symbolic: it places quantum manufacturing within the European Union’s industrial value chain and reduces dependence on overseas quantum hardware. 

As of 2024, IQM had delivered 30 full-stack quantum systems, making it one of the few firms globally capable of both producing and deploying quantum computers at scale^[3]. Among its major milestones is the construction of Europe’s first 50-qubit superconducting quantum computer, developed in partnership with VTT. This system was delivered to the Finnish government, a testament to IQM’s ability to meet national and supranational strategic tech priorities^[4].

The company’s financial performance mirrors its technical progress. It reported a revenue of €16.9 million in 2023, up from €10.5 million the year before, and has raised over €200 million in total capital. Its valuation surpassed €530 million, making it Europe’s second-best funded quantum hardware firm^[1].

Education, talent and long-term ecosystem building

Beyond technical expertise, IQM has taken deliberate steps to ensure that quantum education and workforce development keep pace with hardware innovation. In 2023, it launched the IQM Academy, an online training platform designed to upskill engineers, physicists and software developers in quantum systems, algorithms and hardware control. The platform provides free, modular learning pathways for early-career scientists and aims to bridge the growing talent gap in quantum industries^[5].

The company’s engagement with academia is also ongoing. It regularly collaborates with European universities through Horizon-funded consortia, doctoral networks, and industrial PhDs. Through these partnerships, IQM not only secures its future talent pipeline but also reinvests knowledge into the research community, reinforcing the virtuous cycle that made its own founding possible. 

In addition, the European Investment Bank (EIB) has provided IQM with a €35 million quasi-equity loan to support the establishment of its quantum hardware manufacturing line, a project classified under the EU’s “Strategic Technology” investment priority. The EIB’s backing underscores the alignment of IQM’s mission with Europe’s goal of becoming a sovereign technological actor in key future industries^[6].

Challenging Tech Giants through European deep tech 

While IQM’s progress is exceptional in a European context, its ambitions are global. The company explicitly positions itself as a challenger to Tech Giants’ dominance in quantum computing — a space currently led by companies such as Google, IBM, and Rigetti. But unlike those US-based giants, IQM builds on-site quantum systems for customers, including governments, research labs and high-performance computing centres. This differentiator enables national stakeholders to retain control over data, hardware, and talent, responding to growing calls for digital and technological sovereignty. 

IQM’s operational model also reflects a more human-centred innovation approach. Its team — now more than 300 employees — includes more than 50 nationalities and spans physics, engineering and operations disciplines. Company leadership openly advocates for quantum innovation that serves societal missions, from climate modelling to pharmaceutical discovery, rather than solely corporate profit. 

In this way, IQM reflects a broader vision for European innovation: one that is collaborative, mission-driven and inclusive — emphasising the translation of scientific knowledge into public value. 

Conclusion

IQM Quantum Computers exemplifies what is possible when deep scientific research is enters into contact with visionary entrepreneurship and solid institutional support. From its academic origins at Aalto University and VTT, the company has become a European trailblazer, combining industrial-grade manufacturing, systems integration and ecosystem leadership. Its journey underscores the essential role of universities as launchpads, of EU-level funding as a catalyst and of public-private synergy as the engine of deep tech progress. 

As the quantum era accelerates, IQM’s trajectory offers a powerful case for policymakers, investors and academic leaders alike: to unlock the next generation of world-changing technologies, Europe must continue to build bridges between the lab bench and the market, between public mission and private enterprise.  

References

^[1] Sifted. (2022). IQM: The Finnish quantum startup taking on Big Tech.

^[2] IQM Quantum Computers. (2024). About IQM.

^[3] The Next Web. (2024). Finland’s IQM produced 30 full-stack quantum computers.

^[4] The Quantum Insider. (2024). IQM Quantum Computers reaches production milestone of 30 quantum computers.

^[5] IQM Academy. (2024). IQM Academy.

^[6] European Investment Bank. (2021). Project: IQM Quantum Computers.

^[7] World Economic Forum. (n.d.). IQM Quantum Computers.

^[8] Aalto Startup Center. (2024). Helping research-based startups grow.

^[9] Business Finland. (n.d.). Funding and services for research-driven innovation.

Ready for more?

If IQM’s journey from academic research to European quantum powerhouse sparked your interest, you might also enjoy diving into how universities are stepping up to bridge the talent gap in emerging technologies. In our brief Bridging the Deep Tech Skills Gap, we explore what it takes to prepare the next generation of deep tech professionals, from rethinking education pathways to fostering stronger ties between industry and academia.

For a closer look at how students themselves are shaping the deep tech frontier, the podcast Student-Driven Deep Tech Innovation at Eindhoven University of Technology showcases how empowered student teams are building hardware startups and tackling real-world challenges — all from within the university ecosystem.

Jose Villagran-Polo (author) is the Deputy Manager R&D Projects at UIIN and works on topics related to university-business collaboration, entrepreneurial education and the role of university-based incubators in their regions.