ColdQuanta, a Boulder-based quantum technology manufacturer, raised $6.75 million in a seed funding led by Maverick Ventures, with participation from Global Frontier Investments.
This is the first time the company has accepted outside funding. Since its founding in 2007 as a spin-off from the JILA Institute and Physics Department at the University of Colorado, Boulder, ColdQuanta has relied entirely on internal financing from contracts and product revenue.
The funding will go toward the commercialization of ColdQuanta’s flagship ultracold neutral atom technology which has broad applications in the areas of secure quantum communications, neutral atom quantum computing and quantum metrology — including timekeeping and navigation.
ColdQuanta is well poised to enter the emerging quantum era, addressing applications ranging from timekeeping to secure communications.”
“ColdQuanta was founded upon the vision that quantum technology would someday emerge as a paradigm having significance on par with those of the transistor and the laser,” said CEO Dana Anderson in a statement. “Having been in the quantum technology manufacturing business since 2007, ColdQuanta is well poised to enter the emerging quantum era, addressing applications ranging from timekeeping to secure communications, and from navigation to quantum simulation and computation. We are thrilled to embark on this next phase of the company evolution with partners that understand the practical significance of the quantum paradigm and have taken a long-term perspective on the disruptive impact of quantum-enabled technology.”
As part of the deal, Matthew Kinsella of Maverick and Grant Dollens of Global Frontier have joined the company’s board. Dr. Timothy Day — the vice president and general manager of DRS Daylight Solutions, which manufactures molecular detection and imaging products — has also come aboard in the role of executive chairman.
“We believe quantum technologies will be transformative to many industries over the next decade,” said Matthew Kinsella, managing director of Maverick Ventures, in the statement. “We were drawn to ColdQuanta due to Dana’s background as a pioneer in the space and the fact that neutral atom systems have shown highly compelling results. We believe ColdQuanta is well positioned to commercialize its significant expertise in ultracold matter-enabled technologies, and we are thrilled to be their partners in this journey to become a major provider of quantum technology to the world.”
