QMill raises €4m in seed funding to deliver near-term industrial quantum advantage via cutting-edge algorithms
Espoo, Finland, 17 September 2024 – QMill, a pioneering quantum-computing company based in Espoo, Finland, has successfully raised €4 million in seed funding. The funding round was led by Finland-based Maki.vc and Singapore-based VC Antler and joined by industrial technology investor Kvanted. The company also secured a grant of €1 million from Business Finland, a Finnish government agency for innovation, trade, and investment. QMill’s founding team includes Dr. Hannu Kauppinen, Nokia Technologies’ former Chief Technology Officer, Prof. Mikko Möttönen, Professor of Quantum Technology at Aalto University and VTT, Dr. Ville Kotovirta, former head of VTT’s Quantum Algorithms and Software Team and Dr. Toni Annala, an L.E. Dickson Instructor at the University of Chicago, and a former member of the Institute for Advanced Study, Princeton.
Founded by a team spanning various industries and skillsets
QMill is on a mission to make quantum computing practical and accessible for real industrial use cases. In the rapidly growing quantum technology market, QMill is targeting a critical gap by addressing the limitations of current quantum computing hardware. Unlike quantum companies that target breakthroughs expected to materialize a decade from now, QMill aims to deliver quantum advantage today by leveraging near-future hardware and its new, pioneering algorithms. The seed funds are allocated towards the development of highly resource-efficient quantum algorithms and expanding the company's service offerings, together with a significant focus on recruiting top-tier global talent. QMill will continue to develop its global offering from Espoo, Finland, which it sees as a major growing quantum hub in terms of talent, infrastructure, and funding.
“We are thrilled to have the support of Maki.vc, Antler and Kvanted in our journey to transform quantum computing from a futuristic concept into a present-day solution,” said Hannu Kauppinen, CEO and Co-Founder of QMill. “With this funding, we are well-placed to accelerate our R&D efforts and attract the best minds in the industry to join us in Espoo.”
“We founded QMill because now is the right time to unlock the era of useful quantum computing with completely new algorithms,” added Mikko Möttönen, Chief Scientist and Co-Founder of QMill. “Our goal is to solve complex optimization problems across various industries, making quantum computing an invaluable tool for businesses today.”
QMill’s quantum algorithms will solve intricate optimization challenges that are currently beyond the reach of classical computers. The company targets sectors such as finance, telecommunications, real estate, energy, and supply chain logistics, and their algorithms may also serve as efficient subroutines in materials development, for which the company is open to partnerships. By focusing on immediate, real-world applications, QMill is setting the stage for launching a new era of practical quantum computing.
“QMill has identified a great opportunity to leverage the current noisy intermediate-scale quantum (NISQ) era, rather than waiting for the quantum-computing ecosystem to evolve over the next decade,” said Pirkka Palomäki, Partner at Maki.vc. “Our investment is driven by the exceptional quality of the QMill team, which includes top-tier professionals dedicated to innovating and commercializing near-term algorithms with practical applications across diverse technical and business domains.”
Antler echoed this sentiment, highlighting the potential for QMill to make a substantial impact in the quantum computing landscape. “Investing in quantum algorithms today is investing in the very foundation of tomorrow's most transformative innovations,” said Jussi Kallasvuo from Antler. “Rarely do you get an opportunity to invest in such a world-class team working in such a fascinating domain. We’re absolutely thrilled to back QMill and its founders Hannu, Mikko, Ville, and Toni.”
“With QMill, we share our mission of accelerating industrial transformation.In addition to the stellar team, what differentiates QMill is its focus on achieving impact within an accelerated timeline,” said Maria Wasastjerna, Managing Partner at Kvanted.“By unlocking the potential of quantum advantage, QMill’s solution will be able to create enormous value for industrial companies by addressing their most complex optimization challenges.”
The funding also supports QMill’s ambitious recruitment plans. The company aims to hire20 people within the next couple of years, drawing talent from across the globe to Espoo, a city known for its exceptionally strong technological ecosystem and high quantum talent per capita.
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.
Contact:
Hannu Kauppinen, CEO
mobile: +358504837291
email: hannu.kauppinen@qmill.com