Thursday July 26, 2018 0 comments
BOULDER -- ColdQuanta Inc. today announced $6.75M in seed financing led by Maverick Ventures with participation from Global Frontier Investments.
The funding will be used to commercialize ColdQuanta’s foundational ultracold neutral atom technology in the areas of secure quantum communications, neutral atom quantum computing, and quantum metrology (including timekeeping and navigation), the company said.
To date, ColdQuanta has been internally financed through contract and product revenue since its founding in 2007.
Matthew Kinsella of Maverick and Grant Dollens of Global Frontier have joined the company’s board, along with Dr. Timothy Day, who has assumed the role of executive chairman.
“ColdQuanta was founded upon the vision that quantum technology would someday emerge as a paradigm having significance on par with those of the transistor and the laser,” said Dana Anderson, ColdQuanta CEO.
“Having been in the quantum technology manufacturing business since 2007, ColdQuanta is well-poised to enter the emerging quantum era, addressing applications ranging from timekeeping to secure communications, and from navigation to quantum simulation and computation.
“We are thrilled to embark on this next phase of the company evolution with partners that understand the practical significance of the quantum paradigm and have taken a long-term perspective on the disruptive impact of quantum-enabled technology.”
“Quantum Technologies have an extremely bright future in multiple large markets,” said Day. “This partnership between Maverick Ventures, Global Frontier, and the ColdQuanta customers, board, and employee base, has created a phenomenal world-leading team executing in the neutral atom quantum communications, sensing and computing spaces.
“We are very pleased and excited to be entering together into the next phase of the company’s future.”
“Quantum computing is witnessing explosive growth worldwide,” said Mark Saffman, professor of physics at University of Wisconsin-Madison and a member of ColdQuanta’s scientific advisory board.
“Neutral atom-based approaches are leading the way in scalable systems for quantum computing, simulation, and communications. The neutral atom technology pioneered by ColdQuanta will be central to transitioning University-based research to commercial systems for real-world applications.”
“We believe quantum technologies will be transformative to many industries over the next decade,” said Kinsella. “We were drawn to ColdQuanta due to Dana’s background as a pioneer in the space, and the fact that neutral atom systems have shown highly compelling results.
“We believe ColdQuanta is well positioned to commercialize its significant expertise in ultracold matter enabled technologies, and we are thrilled to be their partners in this journey to become a major provider of quantum technology to the world.”
ColdQuanta was founded in 2007 as a spinoff from the JILA Institute and Physics Department at the University of Colorado Boulder. Based upon the research of Professor Dana Anderson, the company focused on developing and commercializing laser-cooled and ultracold atom enabled quantum technologies.
The company sold its first product in 2008. ColdQuanta has been awarded contracts from numerous federal agencies including DARPA, IARPA, NSF, NASA, NIST and ONR, AFOSR, and ARO to further develop ultracold atom technologies and has sold products to customers in academic, federal, and industrial R&D labs around the world.