ColdQuanta’s Latest $20 Million in Funding Brings Total to $74 Million — Series B Fund Raise Continues
ColdQuanta, the leader in Cold Atom Quantum Technology, today announced it has secured $20 million in funding from existing investors, according to a company statement.
Those current investors include 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.
“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.”
“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 additional 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.
Source: ColdQuanta
ColdQuanta is the 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
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Matt Swayne
With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses.
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University of Colorado
The University of Colorado Boulder, situated in Boulder, Colorado, USA, is a public research university that was established in 1876, preceding Colorado's statehood by five months. It serves as the flagship institution of the University of Colorado system and holds membership in the Association of American Universities. CU Boulder is recognized as a Doctoral University with very high research activity, as classified by the R1 category.
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National Institute of Standards and Technology
The National Institute of Standards and Technology is a physical sciences laboratory and non-regulatory agency of the United States Department of Commerce.
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US Department of Energy
The United States Department of Energy is a cabinet-level department of the United States Government concerned with the United States' policies regarding energy and safety in handling nuclear material.
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NASA
The National Aeronautics and Space Administration (NASA) is the U.S. government agency driving pioneering research and technological development in both atmospheric flight (aeronautics) and space exploration (astronautics). NASA acts as a research organization, utilizing advanced wind tunnels, supercomputing, and flight test laboratories to advance aircraft aerodynamics, propulsion, and materials, while simultaneously involved in the design, construction, and operation of launch vehicles and spacecraft for deep space exploration. Through its aeronautics research directorate, the agency works to improve the safety, efficiency, and environmental impact of aviation, whereas its space programs focus on developing cutting-edge flight systems, robotic explorers, and human transportation capabilities.
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