IQM has managed to raise 128 million euros in one of Europe’s largest rounds for investment in quantum computing and technology.
The lead fund of the round was the company for investments in climate technology World Fund, in fact this month the first special VC fund for investments in quantum technology was launched, while governments are also committed to increased support for the industry.
The Finnish quantum hardware provider intends to leverage the new capitals to develop quantum computers to provide solutions to the climate crisis.
Computers, both quantum and conventional, are machines in which you program a problem and get an answer.The problem with conventional computers is that there are some problems that are so complex that they will calculate the answer for thousands of years – or possibly forever.
“The promise of quantum computers is that for some of these problems, they can create a shortcut, which brings the timescale from 1000 years, to hours, minutes or seconds,” explained IQM co-founder and CEO Jan Goetz.
If we are going to tackle the climate crisis, there are complex problems to overcome – and quantum computer companies believe they can help.
“We’re not saying quantum computing can solve the climate crisis, but I think quantum computers can have an impact in a positive way and can help reduce CO2 emissions to some extent,” said Goetz.
Better batteries and more efficient solar energy
One of the key applications where IQM believes that quantum technology could have an impact is the development of more efficient batteries to better replace the internal combustion engine.
Quantum computers can more accurately simulate how chemical processes work at the atomic level –and this accuracy can help develop more efficient batteries. Computers could also simulate processes within a solar cell to find a way to increase the percentage of the spectrum of light converted into electricity.
Goetz pointed out that computers could also work on alternatives to materials such as concrete (which produces a significant portion of global emissions), as well as work on optimizing the energy grid and making city traffic flow more efficient to reduce CO2 emissions.
Launched in 2018, IQM is already the best funded by Europe’s quantum computer Startups. It has now raised 178.5 million euros from investors and 200 million euros if you take into account public grants and loans.
The company is one of the few European Startups focused on quantum computer hardware – a field where it faces major US companies like IBM and Google. It plans to sell its computers to research laboratories, data centers, and companies.