ColdQuanta closes $10M in new seed funding round

Monday November 25, 2019 0 comments Tags: Boulder, ColdQuanta, Bo Ewald, Matthew Kinsella, quantum core technology

BOULDER -- ColdQuanta, Inc. announced it closed $10 million in additional seed round equity financing from its current investors, Maverick Ventures and Global Frontier Investments, bringing the total investment in the seed round to $16.75 million.coldquanta-logo 

The funding will be used to advance the development of ColdQuanta’s cold atom Quantum Core™ technology, the foundation for the company’s development of quantum computers and real-time quantum signal processing and positioning systems, the company said.

Over the past 18 months, ColdQuanta has also been awarded more than $7 million in U.S. government contracts for a variety of applications of ColdQuanta’s cold atom technology, bringing ColdQuanta’s cumulative R&D funding from government contracts and grants to approximately $30 million.

“The latest commitment from our investors underscores the enormous potential of quantum systems, and of ColdQuanta’s opportunity to become a major provider of quantum technology across a wide spectrum of applications,” said Bo Ewald, CEO of ColdQuanta.

“We are extremely appreciative of the support from Maverick Ventures, Global Frontier Investments, and our U.S. government customers, as it has been instrumental in enabling us to advance our Quantum Core technology and accelerate our quantum roadmap.”

“Since we made our initial investment in ColdQuanta, the company has continued to execute at a very high level, and their foundational cold atom technology continues to show highly compelling results,” said Matthew Kinsella, managing director, Maverick Ventures.

“We believe that quantum systems will transform both industries and people’s lives in the future, and we see a major role for ColdQuanta in aiding this transformation.”