New Investment Opportunity: IQM
Europe's quantum computing leader
- Leading quantum computer provider in Europe, selling full-stack, on-premises systems to HPC centers
- 540% YOY revenue increase forecast from €2.5M in 2021 to €16M in 2022, €40M in 2023, largely based on existing bookings
- Two systems sold, €50M total contract value, other projects underway throughout EU; 70% gross margins
- Vast addressable market emerging
- One of the largest teams of world-class quantum experts in Europe with 700+ scientific publications and 30,000+ citations
- Up to €100M round led by World Fund; current investors include Maki.vc, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo GmbH, Tencent, and Tesi
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Dear Josb,
Quantum computing is a technology whose time has finally arrived. Quantum computers can solve in seconds computational problems that are unsolvable with conventional computers. High-performance computing (HPC) centers are adding quantum computing capabilities.
OurCrowd is investing in IQM, a Finnish company that is the leading quantum computing provider in Europe. The details in this email are based on information received from, and verified solely by, the company.
The market
The global market for HPC is expected to be over €45B in 2024, of which €8B is in Europe alone. A growing share of this demand will be dedicated to quantum computing.
According to an IQM-sponsored market study with IDC, 76% of HPC centers worldwide intend to have quantum computing capabilities by 2023, with the majority planning on-premises quantum computing infrastructure by 2026.
The technology
IQM is the only company in Europe currently selling and delivering working quantum computers.
With control of both hardware and software, IQM uses high levels of specialization to build robust, application-specific quantum computers for industrial customers. The company has the only private quantum fabrication facility in the EU. IQM's hardware manufacturing expertise in cryogenic and room-temperature electronics enables it to deliver control of large-scale quantum processors at room temperatures.
Initial traction
IQM has sold two systems for a total of €50M. The company's first quantum computer has been delivered to a customer in Finland and is already operational.
IQM anticipates a 540% YOY revenue increase in 2022. The company closed 2021 with €2.5M revenue. Based on existing bookings, the company projects €16M revenue in 2022 and €40M in 2023. Gross margins are 70%.
The team
IQM has assembled the largest team of world-class quantum experts in Europe, with half of the company's staff of 160 people holding quantum PhDs. The team collectively has over 700 scientific publications and more than 30,000 citations.
The round
This up to €100M round is led by the World Fund. Current investors include Maki.vc, Matadero QED, MIG Fonds, OpenOcean, Salvia GmbH, Santo GmbH, Tencent, and Tesi.
Funds from this round will be used to accelerate R&D, scale sales efforts, and form industry partnerships.
Meet the CEO
We're hosting a webinar/conference call on Thursday, June 2nd, at 7PM Israel / 12PM New York / 9AM San Francisco for investors to meet CEO and Co-founder Dr. Jan Goetz and learn more about IQM.
Can't make the webinar? Register and we will send you a recording of the call.
The IQM solution
IQM has sold quantum computers to customers. It has a working 5-qubit system and has a 20-qubit system in testing, with plans to develop 54 and 200-qubit systems. IQM controls both the components and the system. The company has its own fabrication facility in Finland and also uses an architecture based on quantum ASICs, allowing it to provide optimized solutions for specific applications with fewer qubits. IQM provides the entire quantum computing stack, from the quantum processing units and hardware system to algorithms and libraries tailored to specific applications.
Next steps:
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