IQM

Finland-based IQM, spun out of Aalto University and the VTT Technical Research Centre of Finland, employs superconducting qubits technology—similar to industry leaders Google and IBM—to build quantum computers. It distinguished itself by developing and optimizing chip architectures for specific applications with a unique hardware-software “co-design” approach that optimizes for real-world applications at the early stages of development.

In June 2021, IQM launched KQCircuits, an open-source software tool to design superconducting quantum processors, which it jointly developed with Aalto University. It has been using KQCircuits to build its quantum processors while also making the software available to the entire quantum community.

In November 2023, the company developed a new platform named IQM Radiance, designed to facilitate quantum computing for businesses and governments. It is optimized for larger computing and data centers. In March 2024, the company unveiled a cloud-based service IQM Resonance to facilitate quantum research.

The company has been expanding its geographical footprint, with its first operational expansion in Munich, Germany in March 2020, followed by entry into Bilbao, Spain in July 2021. Both expansions involved incorporating a subsidiary in the respective locations, which will create co-design hubs that strengthen the connection between quantum hardware and software development. The company aims to develop industry-specific applications, and IQM Spain will specifically focus on quantum solutions to develop applications for the finance industry.

Key customers and partnerships

In November 2020, IQM entered an agreement with the state-owned research institute VTT Technical Research Centre of Finland to build Finland’s first quantum computer with 50 qubits. In 2021, the companies developed the country’s first quantum computer, a five-qubit device, and the country's second quantum computer , a 20-qubit superconducting device, in October 2023.

In April 2022, the company partnered with two Israeli universities—Hebrew University of Jerusalem and Bar-Ilan University— to provide its quantum hardware to conduct research and experiments. In August 2022, IQM partnered with QPhoX to develop a photonic interface for superconducting quantum processors and Multiverse Computing to jointly develop application-specific quantum processors. As part of a consortium led by Qilimanjaro Quantum Tech and GMV, in March 2023 , IQM announced it will deliver quantum processing units for Spain’s first quantum computer by Q2 2023.

The company also entered collaborations to explore hybrid quantum computing: NVIDIA (November 2023) to develop hybrid quantum applications using NVIDIA’s CUDA quantum and Hewlett Packard Enterprise (HPE) to demonstrate an integrated hybrid quantum and high-performance computing (HPC) solution.