India, April 24 -- SemiQon, a Finland-based quantum hardware company, has broken out of the startup stage after securing a total of 17.5 million euros in blended financing from the European Innovation Council.

With the EIC backing, SemiQon will speed up commercialization and diversify its business to domains beyond the quantum industry. The highly competitive EIC funding consists of EUR 2.5 million in a competitive, non-dilutive grant and an additional EUR 15 million of equity-based ear-marked funding.

SemiQon, a silicon quantum hardware company that spun out of VTT - Technical Research Center of Finland in early 2023, takes a major step toward scaleup with strategic funding from the EIC to the company's Cool-CHIPS project. The project ...