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    € 35,000,000
    Finland : € 35,000,000
    Services : € 35,000,000
    Signature date(s)
    28/02/2022 : € 35,000,000
    Link to source

    Summary sheet

    Release date
    19 August 2021
    Signed | 28/02/2022
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 35 million
    EUR 125 million

    The project concerns the research and development (R&D) efforts as well as the investments into a new clean room facility including tools for the development of more advanced versions of an European Quantum Computer. The project is located mostly in Helsinki (Finland) and Munich (Germany). There are also plans to further expand the footprint and add more sites such as Bilbao (Spain) for the development of solutions in the finance sector. The R&D activities span the period from 2021 to 2023.

    IQM plans to deliver a series of Quantum computers with increasing capabilities from 5-qubit to 54-qubit. These on-premises quantum computers are mostly targeting research laboratories and supercomputing centers, mainly for R&D purposes. Beside the sizable R&D expenses there are also capital investments planned in own facilities for the hardware / chip production. The clean room will allow the company to become more independent and flexible to respond to specific customer needs.

    Additionality and Impact

    Founded in 2018, IQM is a Finnish Quantum Computing start-up based in Helsinki. It develops and commercializes quantum computers (QC) based on superconducting technologies with the view of becoming the leading European quantum computing hardware company. IQM delivers on-premises QCs for research laboratories with complete access to its hardware. At a next stage, the company aims to provide QC to supercomputing centres and to industrial customers through an application-specific co-design approach. In the long-term, the company targets to provide Quantum Computing as a Service (QCaaS). The company has grown to over 100 employees and has the potential to become an EU leader and enabler for quantum computing. The project will provide near-term liquidity to mitigate the negative impacts of COVID-19, under the Pan-European Guarantee Fund (EGF). The venture loan will finance investments in research, development and innovation, including the build-out of a clean room. It is expected to generate positive externalities, such as knowledge transfer, increased competition, and productivity growth through innovative computing technology. Finally, it addresses a funding gap in European VC with a unique, long-term, low dilutive venture debt instrument.

    Environmental aspects

    Semiconductor research, development and innovation (RDI) activities are not specifically covered by Annexes I & II of the EIA Directive 2014/52/EU amending the Directive 2011/92/EU, and therefore not subject to mandatory environmental impact assessment (EIA).

    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions.

    Link to source


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).


    Environmental and Social Data Sheet (ESDS) - IQM QUANTUM COMPUTING (EGF VD)
    Publication Date
    22 Dec 2021
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
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