IQM Expands Operations to Spain — New Unit to Focus on Quantum Finance and Co-Design Quantum Computers

IQM Quantum Computers (IQM) reports in a news release that it is expanding its operations to Spain, creating a subsidiary in Bilbao. This operation has been supported by Basque local administration via Provincial Council of Bizkaia and Bilbao City Hall.

With its Spain operations, IQM aims to tap into another hotspot for quantum computing in addition to its Finland and Germany offices. IQM Spain will collaborate closely with the local research community, quantum experts from academia and the industry to build a vibrant Spanish and European quantum ecosystem. IQM with its international partner network will also connect the Spanish quantum ecosystem to the global quantum network.

“QUTIS Center in University of the Basque Country Bilbao has outstanding experience and experts in quantum computation and simulation, quantum control, quantum sensing and other areas. Today’s announcement signals our commitment to accelerate the success of our application-specific quantum computers, and aggressively develop quantum finance offerings for our customers worldwide,” said Jan Goetz, CEO at IQM. “Local Public Administration, via Beaz and Bilbao Ekintza, have been extremely supportive and are committed to attracting best talent and growth companies. We look forward to working with their team to grow our Co-Design offering from Spain and deliver it globally.”

The technical goal for this Spanish subsidiary is to create a quantum finance co-design hub that tightens the interaction between hardware and software to solve problems in finance. In particular, IQM Spain will develop an application-specific approach where quantum software integrates closely with a suitably designed quantum hardware with novel quantum architectures. Combined with IQM’s hardware experts and go-to market teams in Finland and Germany, IQM will be able to deliver this offering to global customers. This approach accelerates the development of useful quantum solutions for specialized financial applications and will establish Spain and Europe as the leaders for quantum finance.

Last year, IQM had also entered into a research agreement with the University of the Basque Country (UPV/EHU) in Bilbao, with a collaboration led by Dr. Jorge Casanova (Ramón y Cajal and Ikerbasque researcher at UPV/EHU) and includes Dr. Mikel Sanz (Ikerbasque Researcher at UPV/EHU) and Prof. Xi Chen (Professor at Shanghai University and Ramon y Cajal researcher at UPV/EHU).

Ms. Olatz Goitia, General Manager of Beaz, said, “We work to turn the territory into an innovation hub of international reference, and to this end, the retention and attraction of talent and entrepreneurship and companies like IQM is key.”

Mr. Javier Garcinuño Zabala, General Manager of Bilbao Ekintza, said, “We’re pleased to see European growth companies like IQM start their Spanish operations in Bilbao. Our BIG Bilbao entrepreneurship centre will support their local operations and Bilbao Ekintza will also collaborate with IQM on joint projects in Bilbao’s strategic economic sectors.”

About Beaz:
Beaz is a public company of the Provincial Council of Bizkaia whose objective is to support companies and entrepreneurs in their efforts to create new projects, innovate and internationalize. A goal that is in line with that of the Regional Department of Economic Promotion, to which Beaz reports directly: to contribute to the growth of economic activity and the creation of qualified employment.

About Bilbao Ekintza:
Bilbao Ekintza is a public company of Bilbao City Hall that develops the municipal powers in the field of economic development, promotion of Bilbao and its events as a tourist destination and business promotion, both from the point of view of the attraction, creation and growth of companies and the improvement of opportunities for access to employment.

Source: IQM Quantum Computers
IQM is the European leader in superconducting quantum computers, headquartered in Espoo, Finland. Since its inception in 2018, IQM has grown to 110+ employees and established a subsidiary in Munich, Germany, to lead the Co-Design approach.

IQM delivers on-premise quantum computers for research laboratories and supercomputing centers and provides complete access to its hardware. For industrial customers, IQM delivers quantum advantage through a unique application-specific Co-Design approach.

IQM is building Finland’s first commercial quantum computer with VTT, and an IQM-led consortium was awarded € 12.4 Million in February 2021 to commercialize application-specific quantum processors by the German Ministry of Education and Research.

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