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ColdQuanta Accelerating Development of Quantum Systems with New Funding
November 5, 2020 | Business WireEstimated reading time: 1 minute
ColdQuanta, the quantum atomics company, 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.”
“When evaluating potential investments in quantum technology, it was crucial to select a company we believed could become a market-defining business,” said Tyler Brous of LCP Quantum Partners. “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, “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.”
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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