ColdQuanta Announces $20M in Funding to Commercialize Cold Atom Quantum Technology

May 12, 2021

BOULDER, Colo., May 12, 2021 — ColdQuanta, a leader in Cold Atom Quantum Technology, today announced it has secured $20 million in funding from existing investors including Foundry Group, Global Frontier Quantum Opportunity Fund, LCP Quantum Partners and Maverick Ventures. The investment will be used to rapidly accelerate the commercialization of the company’s Cold Atom Quantum Technology, in parallel with the company’s Series B funding raise. This investment brings ColdQuanta’s total funding to $74 million.

“Quantum will develop into a multi-billion dollar market and ColdQuanta will be a leader in commercializing Quantum Technology,” said Dan Caruso, executive chairman of ColdQuanta. “Just as the Internet impacted all humanity in the past 30 years, quantum will touch every facet of human existence over the next 30, including financial trading networks, autonomous vehicles, drug and material discovery, mobility, spacecraft and far more.”

Matt Kinsella from Maverick Ventures added, “This funding reflects ColdQuanta’s commitment to accelerate the application of its Cold Atom Quantum Technology to help its commercial and government partners realize the wide-ranging benefits of quantum.”

ColdQuanta provides core hardware and software technology that enables a broad set of Quantum Solutions across computing, sensing, and communications. The company’s breakthrough Cold Atom Quantum Technology, which cools atoms to a few millionths of a degree above absolute zero, serves as the foundation for these applications.

In the past two months, ColdQuanta has expanded its executive team announcing Dan Caruso as executive chairman and interim CEO, Rushton McGarr as chief financial officer, and Paul Lipman as chief commercial officer. ColdQuanta is actively hiring for 15 roles including a Senior VP of Engineering and scientists, physicists, and engineers to support the research, development, engineering and production of the company’s Cold Atom Quantum Technology.

The company has retained the services of PJ Solomon, an independently operated affiliate of Natixis, to guide the company in an upcoming capital raise.

About ColdQuanta

ColdQuanta is a leader in Cold Atom Quantum Technology, the most scalable, versatile, and commercially viable area of quantum. ColdQuanta is dedicated to making quantum a reality through the development of a cloud-based Quantum Computer and Precision Sensing and Networking solutions. Backed by years of research and development, the story of ColdQuanta began in 1924 with the discovery of the Bose Einstein Condensate (BEC) – also known as the 5th form of matter – and 70 years later brought to fruition when it was first synthesized at the University of Colorado at Boulder in collaboration with the National Institute of Standards and Technology (NIST). ColdQuanta was spawned by this BEC breakthrough. Today, ColdQuanta is collaborating with its global customers, which include major commercial and defense companies; the U.S. Department of Defense; national labs operated by the Department of Energy, NASA, and NIST; major universities; and quantum-focused tech companies, to advance products and services developed with Cold Atom Quantum Technology. ColdQuanta is based in Boulder, CO with offices in Madison, Wisconsin and Oxford, UK. Find out more at www.coldquanta.com.


Source: ColdQuanta

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