ColdQuanta Gets Series A Funding to Help Drive Quantum Tech R&D Efforts

ColdQuanta Gets Series A Funding to Help Drive Quantum Tech R&D Efforts

Quantum atomics technology maker ColdQuanta has secured $32M during a Series A funding round to support the company’s research and development efforts on concepts such as quantum computers and positioning systems.

The funding round, which was co-led by LCP Quantum Partners and Global Frontier Investments, brings the total amount of ColdQuanta’s funding to $48.8M, the company said Thursday.

Maverick Ventures and Foundry Group are also participants in the Series A round.

ColdQuanta's Quantum Core offering utilizes atoms that were cooled to near-absolute zero using laser technologies to support the manufacture of components for applications such as navigation, communications, timekeeping and radio-frequency receivers.

Bo Ewald, CEO of ColdQuanta, said the funding will enable the company to build on its work with U.S. and international customers while supporting the launch of its cloud-based quantum matter technology called Albert.

Grant Dollens, founder of Global Frontier, noted that the investment will also support ColdQuanta’s current work with the Department of Energy and Defense Advanced Research Projects Agency as well as Microsoft and IBM.

Tyler Brous, managing director and portfolio manager of Lennox Capital Partners, will serve on ColdQuanta’s board of directors in line with the investment.

ColdQuanta has secured over $30M in R&D grants and awards from government clients to date, according to the company.

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