ColdQuanta closed a $110 million Series B round on Tuesday. This round comes as the Boulder-based company looks to increase access to supercomputers and continue manufacturing and developing quantum computing products.
Quantum computers are large devices that often fill up entire rooms and require expertise to use. Despite their complexities, they have various uses for analyzing large data sets or running complex algorithms. Although not yet mainstream, quantum computers are already benefiting many industries.
To make quantum computers more readily available, ColdQuanta manufactures components. It does so with tech that involves cooling atoms to near absolute zero degrees. By altering the composition of an atom, the company can manufacture components for computing. ColdQuanta also makes high-precision clocks, radio receivers, sensors and more.
Funding for ColdQuanta comes as the company has seen rapid growth over the last several years. In 2021, it raised $20 million and set out to make around 40 new hires to commercialize its tech. Since then, ColdQuanta has grown popular in Japan and secured investment to open a quantum computing facility in Australia.
With the Series B funding, ColdQuanta will continue to commercialize its products. In order to do so, the company appointed former Motorola CEO Christopher Galvin to its board of directors.
ColdQuanta’s Series B round was led by LCP Quantum and saw participation from Maverick Ventures, Foundry Group and others.
“The company remains at the forefront of innovation across computing, software, sensors and more. ColdQuanta’s approach will drive the transformation of entire industries as quantum technologies are further commercialized and adopted,” Matthew Kinsella, managing director of Maverick Ventures, said in a statement.
Since launching in 2007, ColdQuanta has raised $184.5 million in venture funding, according to Crunchbase.
