CU Boulder-founded quantum technology developer ColdQuanta has attracted series A funding to follow a $16.8m seed round closed two years ago.
ColdQuanta, a US-based quantum core technology spinout of University of Colorado, (CU) Boulder, has secured $32m in a series A round co-led by Global Frontier Investments and LCP Quantum Partners.
The round included Maverick Ventures and Foundry Group and the company said it has now raised almost $49m altogether.
Founded in 2018, ColdQuanta uses lasers to produce quantum cores where multiple quantum states are able to co-exist in a form known as superposition, enabling performance in areas such as quantum computers, communications and meteorology to be upgraded.
ColdQuanta will use the series A funding for product development and expects to follow up on contracts it has secured in the US and internationally. It recently launched a cloud computing platform for experiments in quantum matter.
ColdQuanta’s chief technology officer is Dana Anderson, professor of physics at CU Boulder. Tyler Brous, managing director and portfolio manager at Lennox Capital Partners, has joined the company’s board of directors in connection with the round.
ColdQuanta raised $6.8m of seed funding in a July 2018 round led by Maverick Ventures and backed by Global Frontier Investments. The same investors returned for a $10m extension in November 2018, bringing the final close to $16.8m.
Bo Ewald, chief executive of ColdQuanta, said: “I am really pleased that our series A funding comes from both current investors and new investors who see the tremendous opportunity ColdQuanta has to be a leader in the quantum market. We expect to make further announcements about our cold atom core technology and products soon.”