Why We Invested in IQM
Today, we are pleased to announce publicly our Series B investment in IQM, a leading quantum computing company dedicated to developing scalable quantum processors and enabling real-world applications with this technology. As cybersecurity specialist investors, we have closely watched the promise of quantum computing, knowing that reaching “quantum advantage” would have a seismic impact on security as we know it, and that partnering with companies at the forefront of the quantum era will be essential for the future of secure computing. Still, we were patient, our enthusiasm tempered by uncertainty around the timing for true quantum breakthroughs. Now, recent milestones, including rapid scientific advancements, increased commercial adoption, and significant investments from hyperscalers, have brought this future closer than ever. After evaluating numerous quantum start-ups along the way, we are today pleased to announce our participation in a full-stack quantum computing company that is at the forefront. IQM, the largest pure-play innovator utilizing the superconducting modality (the same approach employed by IBM and Google), is pioneering the advancement of co-designed quantum processors, which integrate hardware and application layers to accelerate practical use cases. IQM is the world’s leading shipper of on-premises, full-stack quantum systems, demonstrating a distinctive ability to translate complex science into real-world applications for high-performance computing centers, research labs, and Enterprises.
Our long-term thesis has consistently been that quantum computing will be a pivotal pillar in the next era of cybersecurity and computational innovation, fundamentally transforming the landscape in which we operate. We see quantum as another domain of high-performance compute (HPC), with parallels to cloud adoption in the early 2010s that catalyzed our investments in the cloud security sector. While today’s HPC is an optimized system run on combined CPU and GPU (the AI boom unlocking the power of this combined system edge), we believe the future of HPC will be built on CPU, GPU and Quantum Processing Units (QPU), where intelligent systems optimally allocate workloads. IQM, uniquely positioned as the leader of the superconducting (silicon) modality, will be in a powerful position to benefit from this fundamental transition in the composition of Compute.
Our decision to lead IQM’s Series B $300M funding round was driven by their exceptional technical execution, disciplined approach to product development, and clear marketvision. With deep roots in Finland and Germany, IQM has established itself as the premier European quantum company. The strength of its team ultimately determines a company’s success, and IQM is being built by the brightest minds in the field. We have been consistently impressed by the team’s dedication, expertise, and collaborative spirit. With the new capital from this round, IQM will support crucial research and development, deepen industry collaborations, and scale its data center infrastructure to meet growing global demand. This investment will also fuel the continued growth of their commercial presence in the United States and other key international markets. We hope to serve as a catalytic partner for them as they broaden their exposure to the US markets, expanding their offerings and talent base here.
The path to fault-tolerant, large-scale quantum computing will take time and investment, but we are confident that IQM is well-positioned to lead the race. We are here for the journey because we believe that the opportunity is immense. We’re thankful to the IQM team for having us along for the ride and look forward to being helpful to them in the chapters ahead.
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