QMill, a quantum computing startup based in Espoo, Finland, has secured €4 million in seed funding. The round was led by Maki.vc from Finland and Singapore-based Antler, with additional investment from industrial tech investor Kvanted. Along with this, QMill received a €1 million grant from Business Finland, a government agency supporting innovation.
Founded by industry veterans like Dr. Hannu Kauppinen, former CTO of Nokia Technologies, and Professor Mikko Möttönen, an expert in quantum technology from Aalto University, QMill aims to make quantum computing practical for industries. The team is rounded out by Dr. Ville Kotovirta, who previously led VTT’s Quantum Algorithms and Software Team, and Dr. Toni Annala, a former member of the Institute for Advanced Study at Princeton.
Hannu Kauppinen, CEO and Co-Founder of QMill, expressed his excitement about the funding, highlighting that it will help the company accelerate research and development, as well as attract top global talent to Espoo. QMill’s mission is to bring quantum computing into the industrial world much faster than other players in the space. While many quantum companies are focused on breakthroughs that may take a decade, QMill is working on delivering practical quantum advantages using near-future hardware and their innovative algorithms today.
The funds raised will primarily support the development of resource-efficient quantum algorithms. These algorithms are designed to solve complex optimization challenges that classical computers can’t handle. QMill’s target sectors include finance, telecommunications, real estate, energy, and logistics. The company’s solutions will also have applications in material development, with a focus on partnerships to further expand their impact.
QMill is based in Espoo, which has become a growing hub for quantum technology thanks to its strong talent pool, infrastructure, and supportive ecosystem. The company plans to grow its team, aiming to hire 20 global experts within the next two years.
Investors like Jussi Kallasvuo from Antler are optimistic about the future of quantum computing, noting that investing in QMill’s algorithms today is setting the foundation for future innovations. The company’s focus on developing solutions during the current “noisy intermediate-scale quantum” (NISQ) era allows them to deliver tangible value to industries now, without waiting for fully mature quantum computers.
QMill’s algorithms will help industries optimize operations in ways previously impossible, such as improving supply chain logistics or managing energy resources more efficiently. These advancements are expected to transform how companies operate and create significant value in industrial sectors.
By focusing on immediate real-world applications, QMill is positioning itself as a key player in the future of quantum computing. Investors see immense potential in their approach, particularly given the team’s expertise and the practical impact they aim to achieve. Maria Wasastjerna from Kvanted emphasizes that QMill’s accelerated timeline and focus on delivering quantum advantage make them a standout in the field.
As quantum technology continues to evolve, QMill’s efforts to solve complex industrial challenges could lead to groundbreaking changes in several sectors. The company is committed to pushing the boundaries of quantum computing, leveraging their strong team and innovative algorithms to make a lasting impact.
