- Quantum atomics company ColdQuanta announced it has raised $32 million in Series A funding with additional funding expected to close soon. These are the details.
Quantum atomics company ColdQuanta announced it has raised $32 million in Series A funding with additional funding expected to close soon. This funding round was co-led by Global Frontier Investments and LCP Quantum Partners with current investor Maverick Ventures and new investor Foundry Group also participating.
The funding round will be used to advance the development of quantum computers, quantum positioning systems, and real-time quantum signal processing based on ColdQuanta’s Quantum Core technology. And Tyler Brous, Managing Director and Portfolio Manager of Lennox Capital Partners, LP, will join the ColdQuanta board of directors.
With the addition of the Series A funding, the total amount raised by the company is $48.75 million. ColdQuanta was also awarded cumulative R&D funding from government contracts and grants of over $30 million.
KEY QUOTES:
“ColdQuanta’s unique ability to leverage their Quantum Core technology for applications spanning quantum computing, global positioning, signal processing, and communications enables them to grow their business into different multi-billion dollar markets. Their selection for the new DOE quantum science center along with industry giants IBM and Microsoft, the large contract award from DARPA to develop a scalable quantum computer, and the successful deployment of their technology on board the International Space Station are just a few examples of outside validation of their technology and expertise. Our latest investment in ColdQuanta is a clear demonstration of our confidence in their team.”
— Grant Dollens, founder of Global Frontier
“When evaluating potential investments in quantum technology, it was crucial to select a company we believed could become a market-defining business. ColdQuanta is one of only a few companies with proven success in this very new quantum market. We look forward to working with their team on this fascinating journey to a quantum information age.”
— Tyler Brous of LCP Quantum Partners
“I am really pleased that our Series A funding comes from both current investors and new investors who see the tremendous opportunity ColdQuanta has to be a leader in the quantum market. This funding will allow us to continue to build on the momentum we have from major contract awards in the U.S. and internationally, and the launch of Albert, our quantum matter system on the cloud. We expect to make further announcements about our cold atom core technology and products soon.”
— Bo Ewald, CEO of ColdQuanta
