IQM QUANTUM COMPUTING (EGF VD)

Promoter – Financial Intermediary

IQM FINLAND OY

Location

• Finland

Description

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.

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.

Objectives

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.

Sector(s)

• Services - Information and communication

Proposed EIB finance (Approximate amount)

EUR 35 million

Total cost (Approximate amount)

EUR 125 million

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).

Procurement

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

Status

Signed - 28/02/2022