Finnish startup moves toward scaleup with €17.5M funding for cryogenic CMOS technology

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Espoo-based SemiQon has secured €17.5 million in funding, including €2.5 million in non-dilutive grants and €15 million in equity-based funding, from the European Innovation Council (EIC) under its Accelerator program. The funding will support the development of SemiQon’s cryogenic CMOS technology, specifically for its Cool-CHIPS project. With strong customer demand, the company plans to move its cryo-CMOS product from a technical readiness level of 6 to 8 over the next two years, enabling product testing in customer environments. While advancing its cryogenic CMOS line, SemiQon continues to pursue its broader goal of developing quantum processors for future quantum computing applications.

SemiQon is a deep-tech company developing scalable, cost-effective, and energy-efficient silicon-based quantum processors. As a spin-out from VTT’s Launchpad incubator, SemiQon was founded by a team of researchers and industry experts in microelectronics, quantum technology, and innovation management.

This new funding propels SemiQon’s growth through its cryogenic CMOS product-line.

“The strong customer demand for the cryo-CMOS will allow us to diversify our business to domains with faster commercial traction than quantum computing. This funding helps us to take our cryo-CMOS product from current TRL6 (Technical readiness level) to TRL8 within the next two years as we initiate product testing with our customers at their product environment,” SemiQon CEO Himadri Majumdar explains.

While SemiQon starts generating revenue through its cryogenic CMOS products in other markets, the company remains steadfast in its mission to build scalable, sustainable, and cost-effective quantum processors that will power the future of quantum computing.

With quantum computing expected to revolutionize fields from materials science to climate solutions, one of the greatest challenges remains scalability. SemiQon addresses this by leveraging existing semiconductor manufacturing infrastructure to produce quantum processors designed for the million-qubit era. Unlike traditional approaches, SemiQon’s chips enable quantum computers to operate at warmer temperatures, significantly reducing energy consumption and cost while supporting mass production.

Headquartered at Micronova Center for Applied Micro and Nanotechnology in Espoo, Finland, SemiQon benefits from state-of-the-art facilities that enable rapid iteration in chip design and fabrication. Instead of building full-stack quantum computers, the company focuses solely on quantum processors, collaborating with industry partners to drive advancements across the quantum ecosystem.

Since its inception in 2022, SemiQon has attracted investment from Voima Ventures, Lunar Ventures, Dhyan Ventures, Tiny Supercomputer VC, Atomico Angel Programme, and other strategic investors. By February 2023, it had secured EUR 2 million in funding, with further support from the European Innovation Council (EIC) in 2024, bringing total funding to EUR 17.5 million.

By bridging the gap between today’s quantum prototypes and future large-scale systems, SemiQon is positioning itself at the forefront of Europe’s quantum technology landscape, advancing both technological sovereignty and global competitiveness in the field.

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