IQM Quantum Computers has secured 50 million euros in venture financing from funds and accounts managed by BlackRock, the company said in an announcement, to accelerate global growth ahead of a planned dual listing in the U.S. and Helsinki.
The funding comes as IQM pursues a merger with Real Asset Acquisition Corp (RAAQ.O), a special purpose acquisition company, to list on the U.S. market with an initial equity valuation of around $1.8 billion, the company previously said.
IQM said the additional capital will be used to scale operations, speed chip and technology development, and solidify its market position. The 50 million euros equates to $57.64 million using the rate provided in the announcement.
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CEO Jan Goetz said the investment is aimed at boosting commercial momentum: "It's basically a question of ramping up the commercial traction to bring us to profitability," he told Reuters. BlackRock added in a social media post that quantum computing represents "the next era of computing." Tony Kim, head of BlackRock's global technology team within the Fundamental Equities division, said in a separate post: "AI reasons from data. Quantum reasons from physics. Together though, they could reshape what is computationally possible," Kim said.
IQM, which sells quantum hardware and cloud access, reported sales of about $35 million last year and had bookings worth more than $100 million at year-end, figures included in the company's announcement show.
The recap
- BlackRock-managed funds invest 50 million euros in IQM.
- IQM reported sales near $35 million last year.
- IQM pursues dual listing via RAAQ.O merger later this year.
