EUR 17.5 million in EIC Financing Propels SemiQon’s Growth from Startup to Scaleup
Finland-based quantum hardware company SemiQon breaks 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 will boost SemiQon’s growth with the commercialization of its pioneering cryogenic CMOS product line for which there is a strong customer demand. In this round, the EIC granted funding to 71 companies from 1211 submitted proposals.
“We believe that the future of scalable quantum computers will be built on semiconductors – just like our current digital era has. But the value of our technology is not limited to quantum. With the cryo-CMOS, we can tap into the early market entry advantage and expand our operations to domains with faster commercial traction than quantum computing – including space technologies,” SemiQon CEO Himadri Majumdar explains.
“We continue on our mission of building the most scalable, sustainable, and cost-effective quantum processors in the world, while we start generating revenue through our cryogenic CMOS products.”
On a fast track to creating revenue
The EIC’s funding decision follows other important funding news for SemiQon. In January 2025, Business Finland’s Deep Tech Accelerator selected SemiQon as one of fifteen recipients for its grants targeted at supporting market entry and internationalization for young businesses that aim for significant societal impact.
The EIC and Business Finland funds take SemiQon’s total fundraising to EUR 24 million in form of blended finances combining private investments and project funding over the last 2.5 years.
“It is encouraging to see that both the scientific and the commercial value of our technology is recognized. SemiQon’s strategy has always been to develop productized and affordable solutions that are scalable and commercially competitive. Now we can fast track commercialization and make our solutions available to businesses around the globe,” Majumdar comments.
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The new funding will help SemiQon to take its cryo-CMOS product from current technology readiness level (TRL) 6 to TRL8 within the next two years as product testing with customers begins in the customers’ product environments.
“We continue on our mission of building the most scalable, sustainable, and cost-effective quantum processors in the world, while we start generating revenue through our cryogenic CMOS products,” Majumdar explains.
Team grows and international expansion is expected
SemiQon is based in Otaniemi, Espoo and it currently has a 15-person strong team that combines top-level experts in design, measurement, and fabrication. With fast growth projected, the SemiQon team is expected to double over the next 2-3 years, with a focus on manufacturing and commercial activities.
Our partner and customer network is global, and the reach of our operations will only expand. Soon it will be valuable for us to have a presence in markets that are strategically important to us.
“As we grow our team, we prioritize expertise and shared values, the two elements that are vital for our success. We have been very fortunate with our team so far and I am sure we will grow equally well in future,” Majumdar says.
SemiQon is also preparing plans for international expansion in the near future.
“Our partner and customer network is global, and the reach of our operations will only expand. Soon it will be valuable for us to have a presence in markets that are strategically important to us, such as North America.”