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QMill appoints Antti Vasara as Chairman, Pekka Lundmark to Board of Directors


QMill press release: Espoo, Finland, 20 August 2025  – QMill, a pioneering quantum-algorithm company based in Espoo, Finland, has appointed Antti Vasara as Chairman and Pekka Lundmark as a member of its Board of Directors. These appointments mark a significant step in strengthening QMill’s strategic leadership as the company enters its second year of operations. Both Vasara and Lundmark have also invested in the company.

“The progress in quantum hardware is well known. Its full potential, however, will be unlocked through software and algorithmic innovation,” says Antti Vasara, Chairman of QMill. “I am very excited about this opportunity to work closely with the QMill team. Investing in quantum algorithms is essential to realizing practical quantum advantage.” Vasara is a globally recognized leader in science-based innovation and industrial application. He spent a decade as President and CEO of VTT, one of Europe’s top research institutions, and has held senior roles in both industry and policy, including Nokia and EU-level advisory groups. Last week, Finland’s Minister for Foreign Affairs appointed him as Special Envoy for Technology.


“QMill’s focus on developing useful quantum algorithms for the near future presents a fascinating opportunity for a range of industries,” says Pekka Lundmark, member of the QMill Board. “I am happy to join the board at this pivotal stage, when the company is developing capabilities, building partnerships, and working with front-runner customers to turn quantum potential into practical, real-world benefits.”Lundmark is a seasoned executive with over two decades of CEO-level experience in driving transformation and growth across the communications technology, energy and industrial sectors, most recently as President and CEO of Nokia Corporation.


“Welcoming Antti and Pekka to the board is a major milestone for QMill,” says Hannu Kauppinen, CEO and Co-Founder of QMill. “Their strategic insight as well as deep-tech and industrial experience will help us scale our impact and deepen international collaboration.”


“I couldn’t be happier to have both, Antti’s R&D understanding and Pekka’s technology business experience supporting us in developing and commercializing near-term quantum-advantage algorithms,” adds Mikko Möttönen, Chief Scientist and Co-Founder of QMill.


One year of momentum as part of a developing ecosystem


Since starting its operations in June 2024, QMill has built a strong foundation in its first year: securing €4 million in seed funding from Antler, Maki.vc, and Kvanted, along with a €1 million grant from Business Finland. Furthermore, Peter Sarlin, Co-Founder of Silo-AI, joined the effort last spring as an angel investor.


During its first year, the company focused on developing core intellectual property, defining its initial product roadmap, and initiating pilot projects with leading industrial partners. QMill also announced the first results on the efficiency of its new algorithms designed for the near-future quantum computers. According to estimations, the QMill algorithm running on a 200-qubit quantum computer with 99.99% accuracy can find the solution 700 times faster than an entire supercomputer.


Dedication and progress have been noted. QMill was recently ranked among Finland’s top startups, reflecting its growing recognition in the quantum and deep-tech ecosystem.


QMill is an active contributor to Espoo’s innovation hub, which is emerging as a leading center for quantum, semiconductor, and high-performance computing research. QMill’s mission is strongly supported also by Finland’s national quantum strategy, published in April 2025. The strategy outlines key measures to establish the country as a global leader in quantum technology, building on Finland’s long-standing strengths in low-temperature physics and superconducting devices.


At the European level, the Quantum Europe Strategy, launched in July 2025, aims to transform Europe into a quantum industrial powerhouse by 2030. The strategy emphasizes the importance of software, algorithmic innovation, and ecosystem collaboration, all of which are central to QMill’s approach.


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About QMill

QMill is a Finnish quantum-computing company founded in 2024, dedicated to developing quantum algorithms that provide near-term practical benefits for industrial applications. By leveraging near-future quantum hardware, QMill aims to solve complex optimization problems and deliver significant value across various sectors. The company is headquartered in Espoo, Finland. www.qmill.com