ColdQuanta recently announced that $32 million was raised in Series A funding, and there will be more to come. Co-led by Global Frontier Investments and LCP Quantum Partners, they were joined by current investor Maverick Ventures and a new investor, Foundry Group. These funds will be used to develop quantum computers, quantum positioning systems, and real-time quantum signal processing.
The latter is based on ColdQuanta’s Quantum Core technology. Managing Director and Portfolio Manager of Lennox Capital Partners, LP, Tyler Brous will join as a member of ColdQuanta’s 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. 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.’
Grant Dollens, founder of Global Frontier
‘When evaluating potential investments in quantum technology, it was crucial to select a company we believed could become a market-defining business. 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.’
Tyler Brous of LCP Quantum Partners
‘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.’
Bo Ewald, CEO of ColdQuanta
$48.75 million was the total amount raised by ColdQuanta, and the company has also been awarded R&D government funding through contracts and grants of over $30 million. A day after this was announced, there was further news regarding ColdQuanta UK.
The UK branch of the company, in particular its team in Oxford, was able to receive £2.8 million in government funding. This grant will be used to develop better GPS systems to be used in defence systems, vehicles, and mobile phones. This will be called quantum positioning system (QPS) or gyroscope, and ColdQuanta UK will be leading a consortium of companies to work on this new technology.
