Raising hundreds of millions euros for technology that won’t fully mature for years requires a very special playbook. So how do you finance a quantum computing company when timelines are long, capital intensity is extreme, and technical risk is unavoidable?

In this episode of Rahoituskierros, we speak with Jan Goetz, Co-Founder and CEO of IQM Quantum Computers, one of Europe’s most successful deep tech scale-ups and a rare example of a quantum hardware company that has raised multiple large funding rounds in Europe.

This conversation focuses on how IQM has financed its journey from early scientific origins to later-stage growth rounds backed by international venture capital, strategic investors, and public funding. Jan breaks down how different funding rounds were structured, how investor expectations evolved over time, and what founders need to understand when raising capital for frontier technologies with long development cycles.

A key part of IQM’s story is the Finnish deep tech ecosystem behind it. We discuss the role of early institutional support from Tesi, collaboration with VTT Technical Research Centre of Finland, and the importance of committed Finnish investors Maki.vc and OpenOcean VC who were willing to fund highly ambitious technology long before it was fashionable or easy to underwrite. Jan shares why this ecosystem-level credibility mattered in attracting international capital and how national long-term players can fundamentally change a company’s financing trajectory.

We discuss how to communicate progress to investors when revenue is not the primary metric, how to balance dilution, control, and strategic alignment, and why deep tech fundraising requires a fundamentally different mindset compared to software or consumer startups. Jan also shares candid lessons on investor selection, the importance of an eco-system, and maintaining credibility over multi-year fundraising journeys.

This episode is particularly relevant for founders, investors, and board members interested in deep tech, hardware, and capital-intensive businesses and for anyone looking to understand how large, conviction-driven funding rounds are built when the payoff lies far beyond the next quarter.