IQM Quantum Computers has secured a $50 million financing package from funds managed by BlackRock.

The investment facility will support IQM’s technology roadmap, the company said in a statement, adding that the funding was secured prior to last month’s announcement to go public via a SPAC merger with Real Asset Acquisition Corp.

The funding will also lower IQM’s overall cost of capital and improve the “flexibility and diversity” of its capital base, the company stated.

“The financing package comes at a pivotal time for IQM, as we build momentum for our next phase of growth,” said Jan Goetz, CEO and co-founder of IQM. “This financing further strengthens our capital structure, increasing the resources available to enable us to execute on our technology vision and expand into new markets.”

He added: “We build open and transparent quantum systems that institutions can operate directly, enabling hands-on use, long-term capability building, and full control over their quantum infrastructure. By making quantum computing accessible in this way, we are enabling ecosystems to grow, benefitting researchers, industries, and partners.”

Founded in Helsinki, Finland, in 2018, IQM brings full-stack quantum computers and applications to HPCs, research institutes, universities, and business enterprises. The company operates quantum data centers in Finland and Munich, Germany, offering cloud-based access to its systems. It has delivered quantum systems to supercomputing centers in South Korea, Poland, Italy, and Taiwan.

Earlier this month, the company deployed a 20-qubit quantum computer at Aalto University, located in Espoo, a city to the west of the Finnish capital, Helsinki. It is the fourth quantum system deployed by IQM in Finland to date.