Hannu Kauppinen, co-founder QMill: We want to be the first to help customers to use quantum computing
During Slush, at Entreprenerd spoke with Hannu Kauppinen, who shared his experience of over 26 years working at Nokia and how, with all that background, he co-founded QMill alongside other partners.
Hannu Kauppinen is on a mission. After a 26-year career at Nokia, where he served as CTO of Nokia Technologies and global head of research, Kauppinen has co-founded QMill, a Finnish startup aiming to unlock quantum computing's potential in solving real-world problems.
"We're approaching a unique period in time," Kauppinen says.
"In a couple of years, we'll have enough capacity in quantum computers to run useful algorithms and gain quantum advantage."
Hannu Kauppinen, CEO & Cofounder Qmill
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Quantum computing isn't just a faster version of classical computing; it's a fundamental shift. Traditional computers process bits as ones or zeros, but quantum computers use qubits that can exist in multiple states simultaneously. This allows them to handle complex problems with variables that depend on each other—problems that are intractable for even the most powerful classical supercomputers.
An all star lineup
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QMill was founded by a team of four experts who bring together a unique blend of industry experience and academic prowess in quantum technology. Alongside Hannu Kauppinen -and his market knowledge-, is Professor Mikko Möttönen from Aalto University in Espoo, Finland, and the company’s Chief Scientist and Dr. Ville Kotovirta, who serves as the Chief Technology Officer.
Completing the founding quartet is Dr. Toni Annala, the Chief Algorithm Officer. An awarded mathematician, who lectures at the University of Chicago. All of them believe that the first significant applications will be in optimization problems across various industries.
"In finance, you have portfolio optimization; in energy networks, it's about balancing production and storage capacities; logistics companies want to find the optimal routes to deliver goods," explains Kauppinen. "Quantum computing can speed up the process exponentially."
The urgency is palpable. Quantum computers are on the cusp of practical usability, with the so-called noisy intermediate-scale quantum computers expected to handle meaningful tasks within two to three years. QMill aims to be at the forefront of this shift. "It's a race against time, but the potential rewards are enormous", Kauppinen notes.
Funding to return to the future
Securing funding for deep tech startups is often a challenge, but QMill closed a €5 million funding round in May 2024. Investors include Maki.vc, Antler, and Kvanted, along with a €1 million grant from Business Finland, the Finnish government funding agency. This financial backing provides a runway of about 30 months to develop and test their algorithms with real customers.
Kauppinen emphasizes that quantum computing isn't just about technological advancement; it's also about sustainability. "Our algorithms aim to save resources like electricity, energy, fuel, materials, chemicals—any of that," he says. "In fact, quantum computing can be considered to be a sustainable technology."
One of the main challenges is aligning the technical breakthroughs with concrete customer needs. QMill is engaging with potential clients to solve actual problems, aiming to prove the technology's effectiveness through pilot projects.
"It's a lot about matching the technical breakthrough that we can do in QMill with the concrete problem that the customer has and the knowledge that the customer already has in optimizing their processes", Kauppinen explains.
Scaling globally: from Finland to North America and Asia
Global ambitions are part of QMill's roadmap. While the team has strong connections in the Nordic and European markets, they're also eyeing expansion into North America and Asia. "Quantum computing is a global opportunity, and we're building the channels to meet that demand," he says.
For those considering a venture into quantum computing or deep tech, Kauppinen -from Slush 2024 media room- offers some advice: "In the technology business, you need lots of different skills. We need people who are experts in quantum hardware, quantum software, but we also need people who are experienced in product management, in strategy and business development, and in sales. We need to form very strong teams."
As the quantum era approaches, QMill is positioning itself to be a key player in bringing quantum algorithms to life. "We want to be the first to actually help customers to use quantum computing," Kauppinen asserts. With a solid team, secured funding, and a clear mission, QMill is racing against time to seize the quantum moment.
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