ColdQuanta, a quantum computing technology company, raised $32 million in round A, led by Global Frontier Investments and LCP Quantum Partners, with the participation of existing investor Maverick Ventures and new investor Soundy Group. The company will use the money to advance the development of quantum computers, quantum positioning systems and real-time quantum signal processing based on ColdQuanta quantum core technology.
The technology is based on cooling ultra-cold atoms to temperatures close to absolute zero. ColdQuanta manufactures components, instruments and systems for a wide range of applications: quantum computing, timing, navigation, RF sensors, and quantum communication.
ColdQuanta’s clients include major commercial and defense companies, all departments of the U.S. Department of Defense, the Department of Energy, national laboratories operated by NASA and NIST, and major universities. With the addition of round A financing, the company’s total financing amounted to nearly $49 million. ColdQuanta also received more than $30 million in research and development funding from government contracts and grants.
While the current epidemic has affected the way the company operates, with employees working remotely or rotating in the office, ColdQuanta says its business is moving forward. The company has doubled its office and research and development facilities in Boulder and recently expanded new office space in Wisconsin and the United Kingdom. ColdQuanta currently employs about 75 people and is expected to grow by about 50 percent in the coming year, in addition to the nearly double the size of its facilities.