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The European Investment Bank (EIB) has awarded IQM Quantum Computers of Finland €35 million to help it develop and commercialize quantum processors produced at Europe’s first quantum-dedicated fabrication facility in Espoo, Finland.

The business is developing on-premises quantum computers for supercomputing data centers and research facilities, and it is open to the public. IQM provides a quantum edge to industrial customers using a unique application-specific, co-design methodology.

The loan is part of the European Guarantee Fund’s venture debt program, which was created to help small and medium-sized businesses affected by the pandemic get liquidity.

Building chip self-sufficiency in Europe

The funding follows IQM’s November launch of its first manufacturing facility in Finland. When speaking about developing a more balanced and resilient quantum development in Europe, QM CEO Dr Jan Goetz said that today’s chips scarcity has shown exactly how dependent the world is on semiconductor manufacturers in Asia.

He added that Quantum processors allow the EU to learn from this and move toward becoming self-sufficient first and a worldwide provider of quantum chips in the future.

He said the EIB financing would help create more balanced and robust quantum development in Europe, adding that they are already working on Europe’s most sophisticated quantum technology.

The dream of quantum’s potential

According to EIB President Werner Hoyer, Quantum computing is still in its infancy. However, he added that it has the potential to transform a variety of industries, including medication, vaccine research and cybersecurity.

He also believes that global competition in quantum computing is intense, given the magnitude of the potential effect, making it critical to ensure that enterprises like IQM are well-funded to establish Europe as a global technology leader.

In collaboration with VTT, the business is developing Finland’s first commercial 54-qubit quantum computer, while in Germany, an IQM-led team (Q-Exa) is building a quantum computer.