Espoo-based startup QMill, which develops quantum algorithms to solve complex optimization problems for industrial applications using near-future quantum hardware, has secured €4 million in seed funding from Kvanted, Maki.vc, and Antler. The fresh capital will enable the startup to expand its team and develop resource-efficient quantum algorithms.
- Founded in 2024 by Dr. Hannu Kauppinen, Prof. Mikko Möttönen, Dr. Ville Kotovirta, and Dr. Toni Annala, QMill is a quantum computing company committed to making quantum computing practical and accessible for real industrial applications. The company focuses on sectors such as finance, telecommunications, real estate, energy, and supply chain logistics.
- The company develops advanced quantum algorithms designed to solve complex optimization problems using near-future hardware, aiming to deliver tangible quantum advantages today.
Details of the deal
- The round was led by Maki.vc, a seed-stage venture capital firm that supports tech startups from inception to Series A, and Antler, a global venture capital firm with a portfolio of over 1,000 investments across 30 countries. Recently, Antler invested £840,000 in seven British pre-seed tech startups during its 11th Spring Residency.
- The investment also saw participation from Kvanted, a Helsinki-based venture capital firm that supports early-stage tech entrepreneurs and invests in Northern European companies with groundbreaking software and hardware solutions.
“We founded QMill because now is the right time to unlock the era of useful quantum computing with completely new algorithms. Our goal is to solve complex optimization problems across various industries, making quantum computing an invaluable tool for businesses today," Chief Scientist and Co-Founder of QMill, Mikko Möttönen, stated.
- The new investment will allow QMill to develop resource-efficient quantum algorithms, broaden its service offerings, and recruit around 20 top-tier global talents.
“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. 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," CEO and Co-Founder of QMill, Hannu Kauppinen, commented.
