The World Fund, a newcomer in climate-VC land, is taking the lead in a $128 million round for IQM, hoping the company will deliver carbon cuts by the megatonne.
In theory, quantum machines may be better suited to solve complex problems in fields like chemistry and machine learning. There is cause to be skeptical of the industry on the whole, as we have seen a lot of hype around quantum computing, but the field mostly remains stuck in labs today.
IQM expects its quantum computers to help mitigate greenhouse gas emissions in the next three to five years. The company is working on novel approaches to develop better battery solutions with a leading car manufacturer, and it plans to spend its new funds on further research in battery tech, quantum chemistry and other areas. Scientific breakthrough don't follow a set timeline, warns IQM in email
It isn't all that far-fetched to think of applying quantum tech to mitigate climate change. Mark Russinovich stated in an email that he believes quantum computing can help with climate change. Microsoft is researching how quantum computing can uncover ways to convert carbon dioxide into other chemicals.
The World Fund and other investors have endorsed the idea with their money. The German VC said in a statement that it backs technology with the ability to remove 100 million tonnes of carbon from the atmosphere annually by 2040. The EU is an investor in the latest round. A person familiar with the matter said the deal brings IQM's post-money valuation close to $1 billion.
Some companies have been accused of exaggerating their progress. Maryland-based IonQ has talked up its advances in quantum computing, but activist investor Scorpion Capital recently accused the company of fraud, calling its tech a " useless toy that can't even add 1+3." IonQ's founders said they were amazed at the level of ignorantness behind the accusations. The usefulness and maturity of Arqit's quantum tech was questioned by former employees.
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