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.
$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.