By Anne Kauranen HELSINKI, March 30 (Reuters) - IQM Quantum Computers has secured 50 million euros ($57.64 million) in venture financing from funds and accounts managed by BlackRock to accelerate its
BlackRock Invests $57 Million in IQM Quantum Computers for Global Expansion and IPO
IQM Quantum Computers Secures Major Investment for Growth and Market Expansion
By Anne Kauranen
HELSINKI, March 30 (Reuters) - IQM Quantum Computers has secured 50 million euros ($57.64 million) in venture financing from funds and accounts managed by BlackRock to accelerate its global growth, the Finnish company told Reuters, ahead of its planned dual listing on the U.S. and Helsinki stock markets.
Planned Dual Listing and Valuation
IQM said in February it was aiming to list its shares later this year on the U.S. stock market through a merger with Real Asset Acquisition Corp, a special purpose acquisition company, with an initial equity valuation of around $1.8 billion.
BlackRock’s Perspective on Quantum Computing
In a separate social media post on Thursday, BlackRock said quantum computing represented "the next era of computing".
Use of Funds and Company Strategy
The additional funding, which is being announced on Monday, will help the Finnish company scale operations, accelerate its chip and technology development, and strengthen its market position, IQM CEO Jan Goetz said.
Path to Profitability
"It's basically a question of ramping up the commercial traction to bring us to profitability," he told Reuters.
IQM’s Market Performance and Opportunities
Sales Growth and Bookings
AT THE CORE OF TECH STRATEGIES
IQM, which sells quantum computers and cloud computing time, roughly doubled its sales to around $35 million last year and said it had bookings worth more than $100 million at the end of the year.
Untapped Markets
"What we also yet haven't fully tapped into is the whole field of private data centres," Goetz said, referring to hardware sales.
"Quantum is at the core of the tech strategies of nations around the world," he added.
The Intersection of AI and Quantum Computing
Different Approaches to Problem Solving
AI and quantum approach problem solving in fundamentally different ways, Tony Kim, head of the global technology team within the Fundamental Equities division of BlackRock's Portfolio Management Group, said in a separate video post.
Potential for Reshaping Computational Possibilities
"AI reasons from data. Quantum reasons from physics. Together though, they could reshape what is computationally possible," Kim said.
($1 = 0.8675 euros)
(Reporting by Anne Kauranen in Helsinki; Editing by Paul Simao)
