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ColdQuanta Raises $32 Million in Series A Funding to Accelerate Development of Quantum Systems

ColdQuanta a closes Series A round, which will promote further growth of the company and technology, the startup’s leaders say.

ColdQuanta, the quantum atomics company, today announced it has raised $32M in Series A funding, with additional funding expected to close soon.

The 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 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. Tyler Brous, Managing Director and Portfolio Manager of Lennox Capital Partners, LP, will join the ColdQuanta board of directors.

“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,” said Grant Dollens, founder of Global Frontier. “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.”

“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.”

Brous, also part of LCP Quantum Partners, said ColdQuanta has an edge in the nascent quantum industry.

Coldquanta CEO, Bo Ewald

“When evaluating potential investments in quantum technology, it was crucial to select a company we believed could become a market-defining business,” said Brous. “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.”

Bo Ewald, CEO of ColdQuanta, said the funding will promote further growth of the company and its technology.

“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,” said Ewald. “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.”

With the addition of the Series A funding, the total amount raised by the company is $48.75M. ColdQuanta has also been awarded cumulative R&D funding from government contracts and grants of over $30M.

 

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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. [email protected]

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The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Jake Vikoren

Jake Vikoren

Company Speaker

Deep Prasad

Deep Prasad

Company Speaker

Araceli Venegas

Araceli Venegas

Company Speaker

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