IQM Quantum Computers has raised more than $300 million in a Series B funding round, the largest Series B raise achieved in the quantum space outside of the US.

The round was led by cybersecurity-focused investment firm Ten Eleven Ventures, IQM’s first US investor, and saw participation from both new and existing investors, Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, Schwarz Group, Winbond Electronics Corporation, EIC, and Bayern Kapital.

Additionally, Finnish venture capital and private equity company Tesi increased its existing commitment level. It brings the total amount raised by the company to date to $600m.

IQM said it would use the funds from this round to expand its commercial presence and scale its data center infrastructure and assembly lines globally. The company also plans to increase its presence in the US market, further invest in its chip fabrication efforts in Finland, and support research and development aimed at achieving fault-tolerant quantum computing in the near term.

By advancing its fab capabilities, this will help facilitate the company’s goal of scaling up to one million qubits and tackling quantum error reduction and correction, IQM said.

“This funding round will fuel our company growth, with an accelerated tech roadmap towards error-corrected systems from a thousand to a million qubits. We also focus on strong business expansion in the US and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering,” said Dr. Jan Goetz, co-founder and co-CEO of IQM Quantum Computers.

“The addition of Ten Eleven as our first US-based investor is a catalytic event for IQM, and finding the right venture partner in the US—one that could help us scale our technology and deliver value to our partners and customers—was essential. Ten Eleven’s proven track record in guiding companies to category leadership and their alignment with our vision made this partnership an ideal match.”

Founded in Helsinki, Finland, in 2018, IQM brings full-stack quantum computers and applications to HPCs, research institutes, universities, and business enterprises. The company operates quantum data centers in Finland and Munich, Germany, offering cloud-based access to its systems. It has delivered quantum systems to supercomputing centers in South Korea, Poland, Italy, and Taiwan.