Finland-based QMill Raises $4.5 Million in Seed Funding

Insider Brief

• QMill, a quantum computing startup, raised $4.5 million in seed funding to develop resource-efficient algorithms for practical industry applications, focusing on finance, telecoms, and logistics.
• Co-founded by former Nokia CTO Hannu Kauppinen and quantum professor Mikko Möttönen, the company aims to bridge the gap between current quantum technology and real-world business challenges.
• The funding will be used to expand QMill’s service offerings, recruit global talent, and position Espoo, Finland, as a growing quantum hub.

QMill, a quantum computing startup based in Espoo, Finland, has raised $4.5 million in seed funding to drive the development of quantum algorithms that aim to solve real-world computational challenges, according to a company statement.

The company, co-founded by Hannu Kauppinen, former CTO of Nokia Technologies, and Mikko Möttönen, a professor of quantum computing, seeks to accelerate the adoption of quantum technology by creating algorithms that work with today’s near-term quantum computers.

Quantum computing has the potential to tackle problems that are currently unsolvable by classical computers, but the technology is still in its early stages, the team told Business Insider. QMill is focused on bridging this gap by building algorithms for industries like financial services, telecommunications, and AI development. The company’s goal is to bring practical applications of quantum computing into the mainstream, providing tools that businesses can use now.

“Quantum computing is expected to solve complex computational problems that current, classical computers cannot do, and we want to make it accessible for real use cases,” Kauppinen, now CEO of QMill, told Business Insider. “We will target companies, and we have ideas that we think can deliver advantages in the near term using the available hardware.”

In a company statement, QMill team members said that the $4.5 million seed funding will be allocated toward the development of highly resource-efficient quantum algorithms and expanding service offerings, alongside a significant focus on recruiting top-tier talent.

“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 Kauppinen. “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.”

QMill’s algorithms are designed to address some of the most difficult optimization problems across industries such as finance, telecommunications, energy and logistics. They may also serve as efficient subroutines in areas like materials development, opening the door for future partnerships. The company’s focus on real-world applications could help businesses solve problems too complex for existing supercomputers, and its team sees Espoo as a major hub for talent and infrastructure in the growing quantum sector.

Möttönen, who will serve as QMill’s Chief Scientist and co-founder, said that the timing for founding the company is auspicious.

“We founded QMill because now is the right time to unlock the era of useful quantum computing with completely new algorithms,” said Möttönen. “Our goal is to solve complex optimization problems across various industries, making quantum computing an invaluable tool for businesses today.”

The company’s approach has attracted significant interest from investors.

“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, in the statement. “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.”

The VC firm Antler echoed this, with Jussi Kallasvuo, of Antler, emphasizing the impact quantum computing could have on future technologies as a reason for the firm’s investment.

“Investing in quantum algorithms today is investing in the very foundation of tomorrow’s most transformative innovations,” said Jussi Kallasvuo from Antler, in the statement. “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.”

QMill plans to hire 20 people over the next few years, drawing talent from across the globe to Espoo, which has become a hotbed for quantum innovation.

“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.”