ColdQuanta stores $10m seed round

ColdQuanta, a US-based quantum technology spinout of University of Colorado Boulder (CU Boulder), has raised $10m in seed funding from investment firm Maverick Ventures and financial advisory company Global Frontier Investments.
The capital adds to an initial $6.8m seed tranche in July 2018 that was led by Maverick and backed by Global Frontier.
Founded in 2007, ColdQuanta is working on quantum atomic cores calibrated with lasers to facilitate applications including quantum computing and quantum communications.
The atoms are cooled to a temperature approaching absolute zero, a vital prerequisite for stable quantum computing, but could also be used for improved timekeeping and radio frequency transmissions.
ColdQuanta will use the funding to progress the technology, having already signed up clients including the US Department of Defense and labs run by the Department of Energy.
ColdQuanta was co-founded by chief technology officer Dana Anderson, a professor in CU Boulder’s physics department. Anderson is also a fellow chair at JILA, a collaborative physics research centre run by CU Boulder and US National Institute of Standards and Technology.
ColdQuanta has received $24m in equity and grant funding over the past 18 months, although details of earlier equity rounds could not be ascertained.