Global Fund joins $128m bet that quantum can deliver climate breakthroughs
World Fund, a newcomer to climate venture capital, leads a $128 million funding round for IQM, hoping that the Finnish company quantum computing will one day achieve one-megaton carbon reductions.
Quantum computing replaces the bits of conventional computers with quantum bits. In theory, quantum machines could be better suited to solving some very complex problems in areas such as chemistry and machine learning. IQM argues that its technology could also move the needle on climate, but there is reason to be skeptical of the industry as a whole; we've seen a lot of hype around quantum computing startups, and yet the field remains mostly stuck in labs today.
Yet IQM predicts that its quantum computers will help mitigate greenhouse gas emissions as early as the next three to five years "for some early use cases." The company says it's "already working on new approaches to developing better battery solutions with a leading automaker," and plans to spend its new funds on further research into battery technology, quantum chemistry and other fields. IQM warned in an email to TechCrunch that "scientific breakthroughs do not follow a set timetable".
The idea of applying quantum technology to climate change mitigation is apparently not so far-fetched. Mark Russinovich, CTO of Microsoft Azure, said in an email to TechCrunch that he "[believes] that quantum computing can help fight climate change, especially with the challenge of carbon capture ( carbon fixation). Microsoft's research includes research into how quantum computing can discover "more efficient" ways to convert carbon dioxide into other chemical compounds.
World Fund and other IQM investors also implicitly endorsed the idea via their checkbooks. In a statement, Germany's VC said it exclusively backed the technology with the potential to remove "100 million tonnes" - that's 100 megatons - "of carbon from the atmosphere every year from here 2040". Other investors in the latest round include the EU's European Innovation Council and Tencent. The deal brings IQM's post-money valuation to nearly $1 billion, a person familiar with the matter told TechCrunch.
Some quantum computing companies have been accused of exaggerating their progress. Maryland-based IonQ has talked about its advances in quantum computing, but activist investor Scorpion Capital recently accused the company of fraud, calling its technology "a useless toy that can't even add 1+1." The IonQ founders pushed back against the accusations, saying they were "amused by the extreme level of ignorance behind this attack". In a related area, former employees of UK quantum encryption firm Arqit have reportedly questioned the usefulness and maturity of its quantum technology.
World Fund, a newcomer to climate venture capital, leads a $128 million funding round for IQM, hoping that the Finnish company quantum computing will one day achieve one-megaton carbon reductions.
Quantum computing replaces the bits of conventional computers with quantum bits. In theory, quantum machines could be better suited to solving some very complex problems in areas such as chemistry and machine learning. IQM argues that its technology could also move the needle on climate, but there is reason to be skeptical of the industry as a whole; we've seen a lot of hype around quantum computing startups, and yet the field remains mostly stuck in labs today.
Yet IQM predicts that its quantum computers will help mitigate greenhouse gas emissions as early as the next three to five years "for some early use cases." The company says it's "already working on new approaches to developing better battery solutions with a leading automaker," and plans to spend its new funds on further research into battery technology, quantum chemistry and other fields. IQM warned in an email to TechCrunch that "scientific breakthroughs do not follow a set timetable".
The idea of applying quantum technology to climate change mitigation is apparently not so far-fetched. Mark Russinovich, CTO of Microsoft Azure, said in an email to TechCrunch that he "[believes] that quantum computing can help fight climate change, especially with the challenge of carbon capture ( carbon fixation). Microsoft's research includes research into how quantum computing can discover "more efficient" ways to convert carbon dioxide into other chemical compounds.
World Fund and other IQM investors also implicitly endorsed the idea via their checkbooks. In a statement, Germany's VC said it exclusively backed the technology with the potential to remove "100 million tonnes" - that's 100 megatons - "of carbon from the atmosphere every year from here 2040". Other investors in the latest round include the EU's European Innovation Council and Tencent. The deal brings IQM's post-money valuation to nearly $1 billion, a person familiar with the matter told TechCrunch.
Some quantum computing companies have been accused of exaggerating their progress. Maryland-based IonQ has talked about its advances in quantum computing, but activist investor Scorpion Capital recently accused the company of fraud, calling its technology "a useless toy that can't even add 1+1." The IonQ founders pushed back against the accusations, saying they were "amused by the extreme level of ignorance behind this attack". In a related area, former employees of UK quantum encryption firm Arqit have reportedly questioned the usefulness and maturity of its quantum technology.
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