Espoo, a city outside of Helsinki, is becoming a significant hub for quantum computing. The city’s latest addition to the Finnish quantum computing ecosystem is QMill, a startup that has raised €4mn in seed funding to deliver real benefits to industry through quantum computing.
Quantum advantage refers to the point when a quantum computer is able to solve a problem faster or more efficiently than classical high-performance computers. However, despite significant progress, quantum computers remain stuck in the so-called NISQ (Noisy-Intermediate Scale Quantum) era. These machines are prone to errors, especially when attempting to scale and control a larger number of qubits.
QMill aims to achieve quantum advantage by developing highly resource-efficient quantum algorithms that work for applications that require up to 300 physical qubits to solve optimisation problems for industries including finance, telecommunications, real estate, energy, and supply chain logistics.
Founder Team
The QMill founders’ resumes are impressive. QMill is the brainchild of Möttönen, who is professor of Quantum Technology at Aalto University and VTT; Kauppinen, who is the former chief technology officer of Nokia Technologies; Ville Kotovirta, former head of VTT’s Quantum Algorithms and Software Team; and Toni Annala, an L.E. Dickson Instructor at the University of Chicago.
The funding round was led by Finland-based Maki.vc as well as Antler, and joined by industrial technology investor Kvanted. The funds will go toward the development of QMill’s algorithms. The company currently has 10 people on the team and plans to use the newly raised funds to bring on 20 more.