A Denver startup is kicking off March with $25 million in fresh capital.
Named a Colorado Inno Startup to Watch in 2024, Maybell Quantum Industries pulled in a $25 million Series A led by an affiliate of Cerberus Capital Management, an investment firm based in New York City.
Maybell is a quantum startup developing systems to make quantum tech more reliable, scalable and accessible.
Compared to traditional computers, quantum computing technology can store more information and solve complex problems that are difficult, if not impossible, to solve. Quantum solutions have the potential to enable innovations that can stabilize financial markets, end infectious diseases and more, according to Corban Tillemann-Dick, Maybell CEO and co-founder.
Maybell has developed a product called the Big Fridge, a 10mK cryogenic platform that fits 10 times more qubits in just 1/8th the space of similar platforms. Qubits are a unit of quantum information representative of a quantum computer’s computing power. It has also shipped its first systems and implemented the first customer qubits in its cryogenic platforms
“[This round is] really about satisfying the growth demand from the market,” Tillemann-Dick told Colorado Inno. “We’ve run a very lean organization up until now. ... We realized at this point that we had to produce systems nearly as fast as people want to buy them and so we need to scale up our manufacturing capabilities, continue to invest in innovation [and] meet the demand of the industry. And so it was it was a good time to raise. I think the market definitely agreed.”
Maybell closed its Series A round nearly two months after the startup began raising funds.
A portion of the capital will help Maybell open a new 8,000-square-foot facility in Denver at York Street Yards, 3821-3893 Steele St. This will allow the company to “dramatically scale up” its manufacturing capabilities, Tillemann-Dick said.
The new facility will house Maybell’s business functions and manufacturing. It will also offer at least three MayQ labs.
The MayQ lab, something Maybell launched in October 2023, allows startups and researchers to access full-stack quantum hardware in an expertly staffed facility, Tillemann-Dick said. The space also allows users to quickly access quantum hardware rather than purchasing a system, control electronics and qubits from multiple businesses, and putting it together before beginning research or innovation.
Maybell will keep its current 4,000-square-foot facility at the southwest corner of Interstate 25 and U.S. 36 north of Denver. This space will be used for research and the production of some subcomponents.
“We need more space than we have in order to build at the rate that our customers want systems,” Tillemann-Dick said. “The original plan actually, was not to keep the current space. We realized that by the time we move into the new facility, it’s already going to be kind of too small. We’re just growing really fast, so by keeping the current facility, we think that we’re going to get some more time before we have to raise another, bigger round for a much bigger facility.”
Renovations to the space are underway, with the Maybell team expected to move in May.
Additional funds will go toward growing its current nearly 30-person team. Tillemann-Dick said Maybell will “grow a lot” over the next 12 to 18 months. He said hiring has already begun. The startup has extended six offers in the last couple of weeks.
Maybell was founded in 2021 by Tillemann-Dick, Kyle Thompson and Bryan Choo. The startup established a European HQ last year and launched full-stack quantum hardware user facilities on two continents.
“Breakthrough technologies, and the infrastructure that enables them to thrive, are integral to national security,” Chris Darby, global head of venture investments at Cerberus, said in a statement. “The Maybell team is laying the groundwork with powerful, scale-ready quantum infrastructure solutions to support quantum computing advancements. This isn’t simply an investment in technology; it’s an investment in a future secured by quantum capabilities and a commitment to stay several steps ahead in a rapidly evolving global landscape.”
Darby will join Maybell’s board of directors.
The Series A round also saw investments from Lavrock Ventures, Mark IV Capital, In-Q-Tel, Decisive Point, Boulder-based Caruso Ventures and Olive Capital, all of whom have previously invested in Maybell. Maybell declined to share its valuation.
Maybell’s CEO is also part of Colorado’s effort to secure up to $2 billion in federal funding as a designated “tech hub.” Colorado and the Mountain West region were one of 31 regions named a quantum tech hub by the U.S. Economic Development Administration in October 2023.
Maybell's current facility will be used for research and the production of some subcomponents. The new facility will house its MayQ labs, business operations and manufacturing.
