Finland capital

MIG Capital backs €128 million financing for quantum computing company IQM

DGAP-News: MIG CAPITAL AG / Keyword(s): Financing
MIG Capital backs €128 million financing for quantum computing company IQM
22.07.2022 / 11:35
The issuer is solely responsible for the content of this announcement.

MIG Capital backs 128 million euro financing for a quantum computer IQM company

  • Multiple MIG Funds Participate in Largest Fundraising Ever by a European Quantum Computing Company

  • IQM will use the new Series A2 funding to strengthen its international presence, accelerate product development and further contribute its technology to the fight against the climate crisis

Munich, July 22, 2022

MIG Capital AG, one of Germany’s leading venture capital firms, today announced the closing of a Series A2 financing in its portfolio company IQM, Espoo (Finland). MIG funds n° 2, 4, 6, 10, 14 as well as 17 participated in this financing round of a combined financing of 128 million euros, led by World Fund, which is making a first investment in IQM, as well as as new investors Varma, OurCrowd, EIC Fonds, Bayern Capital, QuIC SPV and Tolfino. This funding round is MIG Fond 17’s first investment in a holding company.

The round included participation from MIG along with other existing investors Tesi, OpenOcean, Maki.vc, Matadero, QED, Vsquared, Salvia GmbH, Santo Venture Capital GmbH and Tencent. Today’s funding, which follows a €39 million Series A1 funding led by MIG in 2020, also includes €25 million of a €35 million venture loan from the European Investment Bank (EIB).

Finnish-German start-up IQM is pioneering quantum hardware for the future of computing. Since its launch in 2018, IQM has become the fastest growing quantum computing company and has consolidated its position as a European leader in the construction of superconducting quantum computers. IQM is also the only European company that already supplies complete quantum systems. The technology could create up to $850 billion in value worldwide over the next 15 to 30 years, according to BCG.

With one of the largest teams of world-class quantum experts on the continent, IQM seeks to solve some of the world’s toughest problems in healthcare, finance, logistics and chemistry. Since the company’s inception, IQM’s mission has been to use its technology for the well-being of humanity and this extends to tackling the climate crisis. In the future, quantum computing will be an integral part of finding solutions to climate problems because of the technology’s ability to model solutions that would previously be impossible to achieve with current levels of computing power.

To help continue IQM’s work, funds raised will now be used to expand its international business operations, accelerate research and initiate new product development.

Dr. Jan Goetz, CEO and Co-Founder of IQM Quantum Computers, said, “This funding highlights the importance of our mission. It also demonstrates confidence in our business model and continued confidence in our team’s ability to build the future of quantum technologies. »

“As an early investor, we are impressed by how quickly the team around CEO Jan Goetz is achieving important milestones. This current and extended funding round creates the financial headroom for IQM to rapidly expand its leading position in quantum computing in Europe,” added Dr. Sören Hein, Partner at MIG Capital AG. “At the same time, with the addition of new co-investors, senior experts are joining the team, who, thanks to their expertise and international network in the field of sustainable development, will help to realize the plans ambitious of IQM. The use of quantum computers in the fight against climate change is particularly noteworthy.

About IQM quantum computers:

IQM is the pan-European leader in building quantum computers. IQM provides on-site quantum computers for supercomputing data centers and research labs and offers full access to its hardware. For industrial customers, IQM delivers a quantum advantage through a unique application-specific co-design approach. IQM is building Finland’s first commercial 54-qubit quantum computer with VTT, and an IQM-led consortium (Q-Exa) is also building a quantum computer in Germany. This computer will be integrated with an HPC supercomputer to create a quantum accelerator for future scientific research. IQM has over 180 employees with offices in Paris, Madrid, Munich and Espoo.

About MIG Capital AG

MIG Capital AG (formerly MIG Verwaltungs AG) is one of Germany’s leading venture capital investors. MIG invests through the MIG Fund in young high-tech and life science companies in German-speaking Europe and beyond. The company has so far invested more than 650 million euros in around 50 companies. MIG’s portfolio companies develop innovations in areas such as biopharmaceuticals, artificial intelligence/machine learning, quantum technologies, digitization/IoT, precision medicine and digital health. MIG’s investment portfolio currently includes 30 companies.

MIG’s investment team consists of a committed group of experts made up of engineers, biologists, scientists and investors who use analytical and creative processes to assess the risks and opportunities of business models and technologies. Their reputation, experience and network provide excellent access to companies, institutions and decision makers to support the growth of their portfolio companies.

In recent years, MIG Capital AG has completed more than ten successful sales, including most recently portfolio companies Siltectra (to Infineon, 2018) and Hemovent (to MicroPort, 2021) and led BRAIN (in 2017), NFON (in 2018 ), BioNTech (in 2019) and Immatics (in 2020) to IPOs.

For more information, please visit: www.mig.ag, www.mig-fonds.de

Contact
Dr. Sören Hein, Partner, MIG Capital AG
[email protected]

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22.07.2022 Broadcast of a Corporate News, transmitted by the DGAP – a service of EQS Group AG.
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