ChainThink reports that, on May 6, according to public information, the Finnish AI lab QuTwo completed a €25 million ($29 million) seed round, bringing its post-money valuation to €325 million ($380 million).
Peter Sarlin, the company’s founder and executive chairman, previously founded Silo AI, which was acquired by AMD for $665 million in 2024. For this funding round, he declined large checks from multiple venture capital firms and strategic investors, accepting only angel investments.
QuTwo's core product is QuTwo OS, a computational orchestration layer that can distribute tasks to run on classical chips, quantum processors, or hybrid architectures.
The company has currently secured approximately €20 million in contract revenue, with clients including retailer Zalando and Finland’s largest financial services provider, OP Financial Group.
The angel investors in this funding round include Yuri Milner, founder of DST Global; Xavier Niel, founder of French telecom giant Iliad; Niklas Zennström, co-founder of Skype; Thomas Wolf, co-founder of Hugging Face; former F1 champion Nico Rosberg; and founders of Supercell, Wolt, Miro, and Legora.
The team consists of approximately 50 people, with co-founders including Kaj-Mikael Björk, former Head of Research at Silo AI, and Kuan Yen Tan, co-founder of IQM.
Sarlin said that Europe did not produce any leading AI companies during the previous paradigm shift from CPU to GPU. This time, QuTwo is betting on the transition from GPU to QPU (quantum processor) and has chosen a small angel round to preserve long-term R&D flexibility over five to ten years.