IQM Finland Oy and Real Asset Acquisition Corp., a special purpose acquisition company, secured an additional private investment in public equity (PIPE) commitment from Ilmarinen in connection with a previously announced business combination between IQM and RAAQ.
Ilmarinen’s new commitment comes alongside commitments from other leading institutional investors in the previously announced US$134 million PIPE.
Financing proceeds are to be used to accelerate IQM’s technology and commercial development towards fault-tolerant quantum computing.
Headquartered in Finland, IQM plans to list its American Depositary Shares on the Nasdaq Stock Market in the US and its ordinary shares on the Helsinki stock exchange in connection with the completion of this transaction.
Ahead of the listing, investment exposure to IQM is available to the public by investing in its special purpose acquisition company partner, RAAQ.
IQM is a quantum computing company that builds full stack, open-architecture quantum computers that can be deployed on-premise or accessed via the cloud.
IQM operates a vertically integrated business model, boasting a unique combination of proprietary infrastructure from their own chip design tool and software developer platform, to a quantum chip fab, assembly line and data center, allowing the company to accelerate its innovation cycles.
“This upsized commitment from one of Finland’s largest private earnings-related pension insurance companies underscores confidence in our technology roadmap and the progress we’re making with our Production Quantum – a model where our customers own the system, operate it, and grow with it,” said Jan Goetz, co-founder and CEO of IQM.
“This commitment signals that the market recognizes our product readiness and the real value we’re delivering to customers tackling some of the world’s most complex problems,” he added.
Peter Ort, CEO and co-chairman of RAAQ, said they reopened the PIPE because the demand is there from institutional investors who recognize what IQM has built — operational quantum computers, active customer deployments, and a commercial foundation that most of the quantum sector has yet to achieve.
This capital positions us to scale aggressively into that lead,” said Ort.
