Archer Materials (ASX:AXE) secured investor commitments for a dual-tranche placement to raise a gross AU$7 million through the issuance of about 25.9 million new shares at a price of AU$0.27 each, according to a Friday filing with the Australian bourse.

The first tranche aims to raise about AU$6.9 million through the issuance of about 25.4 million shares. The second tranche is subject to shareholder approval and is geared toward investors that include members of the company's board and management, targeting about AU$140,000 before costs.

Archer Materials also plans to launch a non-underwritten share purchase plan at the same price for eligible shareholders in Australia and New Zealand to generate up to AU$3 million.

The company plans to use the proceeds to support a recent quantum compute agreement with US-listed IonQ, and for general working capital.

The company's shares were down nearly 2% in recent Friday trade.