Finnish deeptech startup QMill has raised €4 million in seed investment from Kvanted, Maki.vc, and Antler. The company has also secured a €1 million grant from Business Finland. QMill will use the money to develop quantum algorithms that solve current industrial challenges, the company announced on its website.

About QMill

  • Founded in 2024 QMill is an Espoo-based company developing quantum algorithms that provide near-term, practical benefits for industrial applications. The startup is focusing on sectors such as finance, telecommunications, real estate, energy, and others.
  • Mill’s founding team includes Dr. Hannu Kauppinen, Nokia Technologies’ former Chief Technology Officer, Prof. Mikko Möttönen, Professor of Quantum Technology at Aalto University and VTT, Dr. Ville Kotovirta, former head of VTT’s Quantum Algorithms and Software Team and Dr. Toni Annala, an L.E. Dickson Instructor at the University of Chicago, and a former member of the Institute for Advanced Study, Princeton.

“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," according to Mikko Möttönen, Chief Scientist and Co-Founder of QMill.

Investment details

The seed investment was led by Finland-based Maki.vc and Singapore-based VC Antler and joined by industrial technology investor Kvanted. The company also secured a grant of €1 million from Business Finland, a Finnish government agency for innovation, trade, and investment.

  • Kvanted is an early-stage investor focusing on industrial technology. Founded in 2023 and headquartered in Helsinki, Kvanted focuses on companies developing new software, hardware, and service solutions for the industrial sector with a mission to build a more sustainable future.
  • Maki.vc is one of the most active Nordic seed-stage VC firms. The fund focuses mainly on deeptech, commercial products, commercial services, consumer food products, healthcare technology systems, AI, ML, and technology sectors. The fund usually invests from €200,000 to €2 million.
  • Antler is a Singapore-based early stage investor founded in 2017.

“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,” Maria Wasastjerna, Managing Partner at Kvanted, said.

QMill will direct the raised capital on solving intricate optimisation challenges. With the fresh funding, company is also to strengthen its recruitment plan. The startup wants to employ nearly 20 people to draw global talents to Espoo.