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Peter Sarlin’s QuTwo reaches $380M valuation in angel round

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QuTwo, the Finnish AI lab founded by former AMD Silo AI CEO Peter Sarlin, is now valued at €325 million (approximately $380 million) after raising a €25 million angel round ($29 million). It’s a sign of enduring tailwinds for AI, quantum computing, and sovereign tech, especially for Europe-made companies.

QuTwo’s name is a nod to quantum computing, but it hasn’t gone all-in on quantum. Its core product, QuTwo OS, is an orchestration layer that directs tasks to classical, quantum or hybrid architectures — with the idea that enterprise use cases are often best served by “quantum-inspired” computing, which uses classical chips to simulate quantum behavior on more reliable hardware.

Enterprise AI will be QuTwo’s bread and butter. The company already secured some $23 million in committed revenue thanks to design partnerships with the likes of retail giant Zalando, for which it helped develop AI assistants. “AI is the North Star that we will continue to aim for. Quantum is just a new type of compute,” said Sarlin, who is adamant that QuTwo is an AI company.

Momentum has been building around Europe-based AI labs, and several of them have become overnight unicorns. Just last week, former DeepMind researcher David Silver secured $1.1 billion for his new endeavor, Ineffable Intelligence. QuTwo’s valuation and round size are somewhat modest in comparison but will let it pursue its roadmap under less pressure.

According to Sarlin, who serves as QuTwo’s executive chairman, this was a decision he also made for his previous company, Silo AI, which AMD acquired for $665 million in 2024. “I had a lot of investors who would have wanted to pour a lot of money into making Silo into Europe’s OpenAI, but I didn’t believe in that play,” he told TechCrunch.

The main difference is that QuTwo wants the freedom to think long term, with a five- to ten-year horizon. “We are on a mission to build the globally leading AI company for the next paradigm, given that Europe did not succeed in building the AI company for this era,” Sarlin said.

It’s not that Sarlin is bearish on European AI, of which he is a prolific backer. Nor is he necessarily critical of extra-large rounds — he volunteered that he is also an investor in Yann LeCun’s Ami Labs, which raised $1.03 billion, and in British-American venture Recursive Superintelligence, which is rumored to be following the same path. But he didn’t see a billion-dollar round as the right fit for QuTwo — nor VC money, at least for now.

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Until recently, QuTwo was solely funded through Sarlin’s family office, PostScriptum, which also incubated NestAI, the other company where he serves as executive chairman. But whereas NestAI raised some $115 million in a funding round led by Finland’s sovereign fund and Nokia, QuTwo wasn’t seeking to raise external funding.

However, when the lab’s soft launch generated significant interest earlier this year, Sarlin decided he would say no to checks from VCs and strategic investors, but yes to an angel round in part due to the geopolitical moment Europe is currently navigating. 

With Europe increasingly looking to favor local alternatives to U.S. tech providers, there are tailwinds for AI made in Finland. But there is also investor appetite for a company that promises to facilitate more ambitious R&D initiatives in the fields where the region already has strong players, such as the automotive, life sciences and gaming sectors.

Conversely, Sarlin expects that QuTwo’s angel investors could open doors across Europe. There are definitely quite a few introductions he could request from this group, which includes Yuri Milner, Xavier Niel, Nico Rosberg, Dieter Schwarz and Niklas Zennström, and as well as many startup founders from Hugging Space, Legora, Miro, Skype, Supercell, Wolt, and more.

This will also support QuTwo’s growth. It recently expanded into Sweden, and has been hiring. According to Sarlin, some 50 quantum and AI scientists have joined the team, which includes two other second-time entrepreneurs: his former cofounder at Silo, Kaj-Mikael Björk; and Kuan Yen Tan, a cofounder at IQM, the Finnish quantum company that is set to go public.

QuTwo’s connection with IQM is also a reminder that the company believes we are about to enter the quantum era — it just can’t wait. “The question for repeat founders like [us] is how can we have even a larger impact. In the long term, it’s important for Europe that we build the AI company for the next paradigm out of Europe. But, in the short term, we can have a significant impact in driving ambitious R&D moon shots in Europe,” Sarlin said.

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Health

FG inaugurates committees for 67th National Council on Health, demands result-oriented recommendations

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The Federal Ministry of Health and Social Welfare has inaugurated sub-committees ahead of the 67th Regular National Council on Health (NCH), urging members to ensure that their recommendations are evidence-based, practical and focused on improving healthcare delivery in Nigeria.

The ministry said this on Thursday during the inaugural meeting of the sub-committees in Abuja.

The 67th NCH is scheduled to hold from 16 to 20 November in Lafia, Nasarawa State.

The council, which will bring together key stakeholders across the federal and state health sectors, will be held under the theme, “From Commitment to Results: Delivering Quality and Equitable Healthcare for All Nigerians.”

Representing the Permanent Secretary of the ministry, Kachollom Daju, at the meeting, the Director of Health Planning, Research and Statistics, John Ovuoraye, described the NCH as a critical platform for policy dialogue, coordination and decision-making in Nigeria’s health sector.

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Daju said the Technical Committee and its subcommittees play an important role in preparing recommendations for the council’s consideration.

“The quality of the work produced by these sub-committees will have a direct bearing on the effectiveness of the recommendations that will be presented to the National Council on Health,” she said.

She urged members to carry out their responsibilities with diligence, integrity, professionalism and objectivity.

Daju also called for an open-minded approach to the assignments and constructive engagement between the Federal Ministry of Health and Social Welfare and the Nasarawa State Local Organising Committee.

According to her, members’ participation reflects a shared commitment to strengthening Nigeria’s health system and improving Nigerians’ health and well-being.

Nasarawa promises collaboration

The Nasarawa State Commissioner for Health, Shekwonugaza Gwamna, represented by the Permanent Secretary of the state Ministry of Health, Ibrahim Hassan, welcomed participants to the meeting.

Mr Hassan reaffirmed the state’s readiness to work with the Federal Ministry of Health and Social Welfare to ensure a successful 67th NCH.

He said the inaugural meeting provided an opportunity for the state’s Local Organising Committee to present the progress made so far, receive guidance from the federal ministry and strengthen preparations for the council.

He thanked members for their commitment and wished them productive deliberations as preparations for the event continue.

Key areas of preparation

The meeting considered several issues relating to preparations for the council, including the formal inauguration of the sub-committees and clarification of the roles and responsibilities of their chairmen and members.

Members also reviewed and worked towards finalising the logo for the 67th NCH, as well as the format and timely submission of memoranda by states.

READ ALSO: PT Health Watch: Why parents should not overlook children’s vision problems

The meeting was attended physically by officials of the Federal Ministry of Health and Social Welfare, while members of the Nasarawa State Local Organising Committee participated virtually.

The 67th NCH is expected to deliberate on major health priorities and develop actionable recommendations to improve the quality, equity, and responsiveness of healthcare delivery across Nigeria.


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NFF Fact-Finding Committee: Obafemi Calls Exercise Another ‘Jamboree’, Questions Need for Panel

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Former Super Eagles player Abiodun Obafemi has questioned the usefulness of the Nigeria Football Federation’s newly constituted fact-finding committee, warning that another investigation may do little to solve problems he believes have been obvious for years.

The former international is sceptical that the latest initiative will bring about the fundamental changes Nigerian football needs, arguing that the major challenges confronting the game are already well known to those responsible for its administration.

Obafemi believes the NFF should be focusing less on identifying problems and more on accepting responsibility and taking action to correct them.

According to the former Super Eagles player, “the problems in the country’s football are known to everyone.”

He questioned why another committee was necessary when, in his view, the federation is already aware of the weaknesses affecting the administration and development of football in the country.

“The NFF does not need a committee to remind it of its responsibilities and failures in running the affairs of football in the country,” Obafemi said.

His criticism comes after the NFF established a six-member fact-finding committee to investigate the recent poor performances of Nigeria’s national teams.

The move has generated mixed reactions, with some stakeholders welcoming the attempt to examine the situation while others remain doubtful about whether the exercise will produce meaningful change.

For Obafemi, the concern is not simply about the latest committee, but about the history of similar exercises that have failed to produce the transformation expected by Nigerian football stakeholders.

He described the latest initiative as “another jamboree,” arguing that this is not the first time a committee has been established to examine problems within Nigerian football.

The former international believes previous experiences should make the football authorities cautious about repeating a process that ends with a report but produces little tangible change.

His position puts him firmly among those demanding more than investigations and recommendations from the NFF.

The debate also comes as Nigerian football faces broader questions over national-team performance, administration, grassroots development, the domestic game and the long-term direction of the sport.

While the committee has now been given the responsibility of examining the circumstances behind the national teams’ struggles, its eventual report will face a crucial test: whether its recommendations can translate into concrete reforms.

For Obafemi, however, Nigerians have heard enough explanations.

The former Super Eagles player wants the football authorities to move beyond committees and reports and confront the problems that have continued to hold the country’s football back.

The question now is whether the latest fact-finding exercise will finally lead to action—or become another report that gathers dust.

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