Continuing what has been a busy year for the startup, Boulder-based ColdQuanta has brought on $20 million to help commercialize its quantum computing technology.
The $20 million investment brings ColdQuanta’s total funding to $74 million and comes from existing investors including Foundry Group, Global Frontier Quantum Opportunity Fund, LCP Quantum Partners and Maverick Ventures.
The company’s most recent raise prior to this came in November, as ColdQuanta raised a $32 million Series A with a similar cast of investors.
ColdQuanta is developing quantum solutions to be used across computing, sensing and communications. The company’s Cold Atom Quantum Technology, which cools atoms to a few millionths of a degree above absolute zero, will serve as the foundation for these applications.
In addition to helping commercialize the company’s products, ColdQuanta said this capital was being raised in parallel with its upcoming Series B.
As it ramps up, the company has an experienced leader at the helm with big plans.
In March, ex-Zayo Group Holdings CEO Dan Caruso joined ColdQuanta as executive chairman and interim CEO. With this funding on board, Caruso said the sky is the limit for the company.
“Quantum will develop into a multibillion-dollar market and ColdQuanta will be a leader in commercializing Quantum Technology,” he said in a statement. “Just as the Internet impacted all humanity in the past 30 years, quantum will touch every facet of human existence over the next 30, including financial trading networks, autonomous vehicles, drug and material discovery, mobility, spacecraft and far more.”
In addition to Caruso, ColdQuanta has expanded its executive team in recent months, announcing Rushton McGarr as chief financial officer and Paul Lipman as chief commercial officer.
ColdQuanta is currently hiring for 15 roles across engineering, research and production departments. At the time of Caruso’s appointment, the company had 85 total employees, with plans to quadruple that in the future.
During that March 2021 interview, Caruso was bullish on ColdQuanta’s potential.
“I think ColdQuanta has an opportunity to be a north of $10B company [in valuation] and I’m not talking about 20 years from now; I’m talking a handful of years from now,” he said.
