ColdQuanta Closes Additional $10M in Seed Financing
BOULDER, Colo.--(BUSINESS WIRE)--Nov 22, 2019--
ColdQuanta, Inc., the quantum atomics company, today announced it has closed $10M in additional seed round equity financing from its current investors, Maverick Ventures and Global Frontier Investments. This brings the total investment in the seed round to $16.75M. The funding will be used to advance the development of ColdQuanta’s cold atom Quantum Core™ technology, the foundation for the company’s development of quantum computers and real-time quantum signal processing and positioning systems.
Over the past 18 months, ColdQuanta has also been awarded over $7M of U.S. government contracts for a variety of applications of ColdQuanta’s cold atom technology. This brings ColdQuanta’s cumulative R&D funding from government contracts and grants to approximately $30M.
“The latest commitment from our investors underscores the enormous potential of quantum systems, and of ColdQuanta’s opportunity to become a major provider of quantum technology across a wide spectrum of applications,” said Bo Ewald, CEO of ColdQuanta. “We are extremely appreciative of the support from Maverick Ventures, Global Frontier Investments, and our U.S. government customers, as it has been instrumental in enabling us to advance our Quantum Core technology and accelerate our quantum roadmap.”
“Since we made our initial investment in ColdQuanta, the company has continued to execute at a very high level, and their foundational cold atom technology continues to show highly compelling results,” said Matthew Kinsella, Managing Director, Maverick Ventures. “We believe that quantum systems will transform both industries and people’s lives in the future, and we see a major role for ColdQuanta in aiding this transformation.”
ColdQuanta leads the market in commercializing quantum atomics, the next wave of the information age. The company’s Quantum Core™ technology uses ultra-cold atoms cooled to a temperature of nearly absolute zero using lasers to manipulate and control the atoms with extreme precision. Based on its Quantum Core technology, ColdQuanta manufactures components, instruments, and turnkey systems that address a broad spectrum of applications ranging from timekeeping and navigation to quantum computing, and from radiofrequency (RF) receivers to quantum communications systems. ColdQuanta’s global customers include major commercial and defense companies, all branches of the U.S. Department of Defense, national labs operated by the Department of Energy, NASA, and NIST, and major universities. ColdQuanta is based in Boulder, CO with offices in Madison, Wisconsin and Oxford, UK.
Find out more at www.coldquanta.com.
The name ColdQuanta and the ColdQuanta logo are both registered trademarks of ColdQuanta, Inc.
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KEYWORD: COLORADO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: SCIENCE SATELLITE DEFENSE RESEARCH OTHER DEFENSE HARDWARE CONTRACTS TECHNOLOGY
SOURCE: ColdQuanta, Inc.
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PUB: 11/22/2019 09:00 AM/DISC: 11/22/2019 09:01 AM