The EIB invests $36.7 million in IQM's quantum fabrication facility.
The 28th of April, 2022, at ESPOO, Finland — The European Investment Bank (EIB) has awarded IQM Quantum Computers €35 million ($36.7 million USD) to help speed up the development and commercialization of its quantum processors, which are created at Europe's first quantum-dedicated manufacturing facilities in Espoo, Finland. The loan is part of the European Guarantee Fund's venture debt programme, which was created to help small and medium-sized businesses impacted by the epidemic get liquidity.
In addition, EIB Advisory Services assisted IQM in preparing for the EIB loan application.
This statement comes after IQM announced the establishment of its first fabrication plant in Finland in November. The EIB money will be utilised to expand the facility, accelerate material research, and produce quantum computers in the first round.
"Today's chips scarcity has shown precisely how reliant the world is on semiconductor producers in Asia," IQM's Chief Executive Dr. Jan Goetz remarked after getting this first debt funding from the EIB. Quantum processors allow us to learn from this and become self-sufficient in the short term, as well as a worldwide supplier of quantum chips in the future. This EIB financing will help us create a more balanced and robust quantum development in Europe. We're already working on Europe's most sophisticated quantum technology, and this financing will help us build Europe's next-generation quantum ecosystem."
"Quantum computing is still in its infancy," stated EIB President Werner Hoyer. However, it has the potential to transform a variety of industries, including medication and vaccine research as well as cybersecurity. Global competition in quantum computing is strong, given the magnitude of the potential effect. It is critical to ensure that enterprises like IQM are well-funded in order to establish Europe as a global technology leader."
"We are happy to help the Finland-based firm IQM since we view quantum computing to be an area of strategic significance," said EIB Vice-President Thomas stros. With our funding, we are not only sustaining and creating employment in a highly inventive sector, but we are also emphasising our commitment to technical innovation. The financing of IQM guarantees that the findings of this research are put into implementation in real-world developments." Europe has a long history of quantum research.
This funding comes on the heels of announcements about IQM's open-source processor design programme KQCircuits, the Q-Exa project for quantum acceleration for HPC centres, and the quantum manufacturing facility's launch. IQM will gain complete control over quantum processor development and boost its European leadership with this financing.
Information on the Background
The European Investment Bank (EIB) is the European Union's long-term lending institution, owned by its member states. It makes long-term funds accessible for solid investment in order to help the EU achieve its policy objectives.
IQM is the European leader in quantum computer development. IQM gives full access to its hardware and delivers on-premises quantum computers for supercomputing data centres and research facilities. Through a unique application-specific, co-design methodology, IQM provides a quantum edge to industrial clients.
With VTT, IQM is constructing Finland's first commercial 54-qubit quantum computer, while in Germany, an IQM-led collaboration (Q-Exa) is constructing a quantum computer. The computer will be incorporated into a high-performance computing (HPC) supercomputer to serve as a research accelerator in the future. With offices in Paris, Bilbao, Munich, and Espoo, IQM employs approximately 160 people.
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