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ColdQuanta Closes Additional $10M in Seed Financing

Brings total investment from private and public sources to approximately $24M over the past 18 months.

Press release from ColdQuanta
November 23rd 2019 | 337 readers

Photo ColdQuanta
Photo ColdQuanta
ColdQuanta, Inc., the quantum atomics company, today announced it has closed $10M in additional seed round equity financing from its current investors, Maverick Ventures and Global Frontier Investments. This brings the total investment in the seed round to $16.75M. 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.

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

“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.”

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