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A newcomer in climate-VC land, the Global Fund has led a $128 million round for IQM, a Finnish quantum computing company hoping to one day deliver megatons of carbon reductions.
Quantum computing trades bits for quantum bits from conventional computers, and in theory, quantum machines could be better at solving some of the most complex problems in fields like chemistry and machine learning. IQM argues that its technology can move the needle on climate change, but it has led to skepticism in the industry as a whole; We’ve seen a lot of hype around quantum computing startups, but the field remains largely confined to laboratories today.
Still, IQM quantum computers help reduce greenhouse gas emissions Just in the next three to five years “for some early use cases.” The company says that it is already”He plans to use the new money to further research into battery technology, quantum chemistry and other areas, working with a major automaker on new approaches to developing better battery solutions. IQM warned in an email sent to TechCrunch “Scientific discoveries do not follow a certain time.”
The idea of applying quantum technology to mitigate climate change is not that far-fetched. Microsoft Azure CTO Mark Rusinovich said in an email to TechCrunch.[believes] Quantum computing can help with climate change, especially the carbon sequestration challenge. Microsoft’s research involves exploring how quantum computing can find “more efficient” ways to convert carbon dioxide into other chemical compounds.
The World Fund and IQM’s other investors have also indirectly endorsed the idea with their checkbooks. In a statement, the German VC said it would only support technology capable of removing “100 million tonnes” – ie 100 megatons – of carbon from the atmosphere annually by 2040. Other investors in the final round include the European Union’s European Innovation Council and Tencent. The deal will bring IQM’s post-cash value to the $1 billion mark, a person familiar with the matter told TechCrunch.
Some quantum computing companies have faced accusations of overstating their progress. Maryland-based IonQ has touted its progress in quantum computing, but activist investor Scorpion Capital recently sued the company for fraud, calling the technique “a useless toy that can’t even add 1+1.” IonQ’s founders pushed back against the allegations, saying they were “enjoyed by the high level of ignorance behind this attack.” Similarly, former employees of British quantum encryption company Archit have reportedly questioned the utility and maturity of quantum technology.
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